Share gives up partial gains on selling pressure-Closes 67% higher
Gravita India Limited had a great listing. The share listed on the BSE and NSE today and there was a listing ceremony on the BSE where the opening price was Rs 218.75. The listing price on the NSE was Rs 201.10. The high on the BSE was Rs 255 while it was Rs 253.20 on the NSE. The low on the BSE was Rs 205 while it was Rs 201.10 on the NSE. The close was Rs 210.40 on the BSE, a net gain of Rs 85.40 or a staggering 68.32%. On the NSE the close was Rs 209.70, a gain of Rs 84.70 or 67.76%.
| Exchange |
Open |
High |
Low |
Close |
Net Change |
% gain |
Wt Avg |
Volume |
Delivery |
Del % age |
| BSE |
218.75 |
255.00 |
205.00 |
210.40 |
85.40 |
68.32 |
231.31 |
25360132 |
973034 |
3.84 |
| NSE |
201.10 |
253.20 |
201.10 |
209.70 |
84.70 |
67.76 |
231.24 |
39539037 |
1878725 |
4.75 |
| Total |
|
|
|
|
|
|
|
64899169 |
2851759 |
4.39 |
The company had issued 36 lakh shares in a price band of Rs 120-125 and the issue was very well received. The overall issue was subscribed 42.88 times with the HNI portion subscribed a record 182.52 times while the retail portion was subscribed 37.34 times. With such a small issue and such a stupendous response, a strong opening was certainly on the cards and the share obliged. This was even though the markets tumbled with the BSESENSEX losing 444 points or 2.18% and the NSENIFTY losing 143 points or 2.33%.
Traded volume was huge and the total traded volume was 648.99 lakh shares or 18.02 times the IPO size of 36 lakh shares. The delivery volume was 28.51 lakh shares which was an insignificant 4.39% of traded volume but a huge 79.21% of the IPO size. There were six FII’s who were allotted 12.12 lakh shares and from records available they have sold on day one 10.51 lakh shares or 87% of the shares allotted to them. On the buying side there is one single name of LIC which has bought 1 lakh shares.
The share after opening at just above the 200 mark rose slowly and had some corrections before it made its high around 12.30 pm. Thereafter the share fell sharply and lost ground to trade below 215. Thereafter the share was steady and recovered to just about ht e 220 mark before in the dying minutes of trade it fell sharply and closed around Rs 210. The weighted average was Rs 231, indicating the weakness towards the midsession and the closing moments.
Gravita India has made a great start and retail investors who were lucky to be allotted 50 shares have made a killing. Assuming they sold at the weighted average price of Rs 231, they made a profit of Rs 106 per share or Rs 5,300 which is excellent.
In conclusion a great debut for Gravita and excellent returns for investors.
