Closes with gain of 5%
Prestige Estates Projects Limited which had tapped the capital markets with its IPO to raise Rs 1200 crs listed on the bourses yesterday. The share listed at Rs 190 each on both the BSE and NSE. The high was Rs 209 on the BSE and Rs 208.80 on the NSE. The low was Rs 188.15 on the BSE and Rs 188.35 on the NSE.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 190.00 | 209.00 | 188.15 | 192.55 | 9.55 | 5.22 | 199.08 | 15573821 | 4530321 | 29.09 |
| NSE | 190.00 | 208.80 | 188.35 | 193.15 | 10.15 | 5.55 | 199.32 | 24480607 | 8415602 | 34.38 |
| Total | 40054428 | 12945923 | 32.32 |
The share had a steady start and then began its upward climb in a slow and steady manner. The share peaked at midday at around roughly 12.30 pm and thereafter it was a gradual fall with a sharp one in the last one hour. The low of the day was made in the last hour. From the chart pattern one would observe that the share has made an inverted saucer or umbrella like pattern which indicates that the stock was distributed in a planned manner.
The total traded volume on the stock was a shade over 400 lakhs which was 61% of the issue size of 655.73 lakh shares. The delivery volume was 129.46 lakh shares, which as a percentage of the traded volume was significant at 32.32% but as a percentage of IPO size was 19.74%. The weighted average of the day was slightly higher than Rs 199 while the closing price was Rs 192.55 on the BSE and Rs 193.15 on the NSE, indicating substantial selling pressure at the end of the day.
The issue had received poor response from the HNI and retail categories and remained unsubscribed in that segment. The overall subscription was 2.26 times. The issue has given a return to investors on day one and based on the weighted average of Rs 199, the same is of Rs 16 or about 8.7%.
On the institutional front there was activity where Oppenheimer Developing Market Fund bought 40 lakh shares. On the sell side Morgan Stanley sold 32.08 lakh shares and Swiss Finance Corporation sold 16.57 lakh shares. The net effect was that against a purchase of 40 lakhs there is a sale of 48.66 lakh shares implying a net sale of 8.66 lakh shares, insignificant considering the size of issue of 655 lakhs.
All in all a decent listing where investors have made gains. Going forward the share appeared to be under pressure and could weaken today.
The trading volume was huge and as much as 905.66 lakh shares were traded. This is 11.76 times the IPO issue size of 77 lakh shares. The total delivery volume was 63.09 lakh shares which as a percentage of the traded volume was a mere 6.97% but of the IPO size was 81.93%.
