Gallant Ispat Limited which company had launched its IPO with a fixed price issue listed today. The company had tapped the capital markets with an issue for 81 lakh shares at a price of Rs 50. The issue was open between the 22nd and 24th of September.
The share listed at Rs 48.90 on the BSE and Rs 52 on the NSE. The high was Rs 87.40 on the BSE and Rs 87 on the NSE. The lows were Rs 48.80 on the BSE and Rs 49 on the NSE. The traded volume was 12.68 cr shares which is almost 15.75 times the IPO size. The delivery volume of traded quantity is 25.35 lac shares which is a mere 2% of traded value but a significant 31.5% of IPO size.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 48.90 | 87.40 | 48.80 | 81.60 | 31.60 | 63.20 | 72.87 | 51430780 | 689780 | 1.34 |
| NSE | 52.00 | 87.00 | 49.00 | 78.20 | 28.20 | 56.40 | 73.37 | 75365403 | 1844781 | 2.45 |
| Total | 126796183 | 2534561 | 2.00 |
From the chart it is very apparent that the stock price after the initial flurry in the morning was holding itself close to the 62 mark. This was a healthy gain of almost 25% over the issue price of Rs 50. The share picked up action just around 1.00 p.m. accompanied by huge volumes. The accompanying chart shows that. Thereafter it was a massacre of the innocent and short sellers had to square off their positions.
Two institutional investors namely Credit Suisse sold 3.16 lakh shares and Royal Bank of Scotland sold 6.42 lakh shares. Today’s day belonged to the bulls in this stock but the sheer volumes that happened today cannot be repeated tomorrow. Secondly there is plenty of floating stock around giving ample opportunity to all to exit.
