Electrosteel Steels IPO Listing afternoon – Volatile start

October 8th, 2010 Comments Off on Electrosteel Steels IPO Listing afternoon – Volatile start

Electrosteel Steels Limited which had tapped the capital markets with an IPO to raise between Rs 259 to 285 crs in a price band of Rs 10-11 listed on the BSE today. The share listed at Rs 12.35 on the BSE and Rs 11.15 on the NSE. The high on the BSE was the open of Rs 12.35 itself while on the NSE it was Rs 11.85. The low on BSE was Rs 9.35 and this also happened to be the low on the NSE.

Exchange Open High Low  Close Net Change % gain Volume Wt Avg
BSE 12.35 12.35 9.35 10.55 -0.45 -4.09 86008899 10.51
NSE 11.15 11.85 9.35 10.55 -0.45 -4.09 149448284 10.55
Total 235457183

The volume was brisk and in the first four hours of trade a total of 23.54 cr shares were traded. This volume is 0.9times of the issue size including the green shoe option of 25.93 cr shares. After the initial high and immediate lows that the stock made in the first few minutes of trade, the stock has steadied and is now trading in a more sedate fashion and narrow price band of Rs 10.40-10.75. The weighted average of the day’s trade so far is just around the current market price and it appears the stock could recover at the end of the day.

It would be interesting to see where the stock closes today and also what percentage of shares result in delivery.

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Orient Green Power IPO Listed Afternoon – Subdued trade share down around 8%

October 8th, 2010 Comments Off on Orient Green Power IPO Listed Afternoon – Subdued trade share down around 8%

Orient Green Power Limited listed its shares this morning at a listing ceremony on the BSE. The share listed on the BSE at Rs 45.70 on both the exchanges. The on both the exchanges was a similar Rs 46 as well. The low on the BSE was Rs 38.30 while on the NSE was Rs 38.10.

Exchange Open High Low  Close Net Change % gain Volume Wt Avg
BSE 45.70 46.00 38.30 43.30 -3.70 -7.87 14990792 42.73
NSE 45.70 46.00 38.10 43.30 -3.70 -7.87 23099323 42.65
Total 38090115

The company had tapped the capital markets with an IPO in the price band of Rs 47-55 and raised Rs 900 crs. Shares were allotted at Rs 47. The current price of Rs 43.30 is down by 7.87% and the weighted average is lower than the current share price indicating some sort of buying support. The share seems to be holding ground at these levels and if no further selling takes place should in all probability recover from current levels. It however looks unlikely that the share could close in positive territory.

At 1 pm after four hours of trade the total traded volume is 3.81 cr shares or a mere 19.89% of the IPO size. The issue did not attract HNI or retail interest and that explains the fact that volumes have been low. As the share has been trading below par and down about 8% even short sellers are not active

It would be interesting to see how the share fares at the end of the day.

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Ramky Infrastructure IPO Listing: Share opens higher but trading 10% lower

October 8th, 2010 Comments Off on Ramky Infrastructure IPO Listing: Share opens higher but trading 10% lower

Ramky Infrastructure Limited had raised Rs 530 crs from the IPO and it consisted of a fresh issue of Rs 350 crs and an offer for sale of Rs 180 crs. The issue was priced at Rs 450.

Anchor investors were allotted 20,38,461 shares initially at a price of Rs 425 which was subsequently revised to Rs 450 post the allotment. The issue was well received by QIB’s and was subscribed by them 4.52 times. The HNI portion was subscribed 1.45 times and the retail portion just about subscribed at 0.99 times.

The share listed on the BSE at Rs 460 and opened at Rs 471.55 on the NSE. The high on the BSE was Rs 460 while on the NSE the open of Rs 471.55 was the high itself. The low was Rs 345.05 on the BSE and Rs 351.20 on the NSE. After having made a wide range between the high and low for the day the share is trading in a tight band of Rs 390-410. The weighted average for the day after the 100 minutes of trade is Rs 396 -397.

Exchange Open High Low  Close Net Change % gain Volume Wt Avg
BSE 450.00 460.00 345.05 403.00 -47.00 -10.44 3226196 396.23
NSE 471.55 471.55 351.20 403.00 -47.00 -10.44 5276480 396.90
Total 8502676

The share has seen volumes of 85 lakh shares which is roughly 0.72 times the IPO size of 1.17 cr shares. The share is trading weak and end of day would determine whether there is any buying interest or not.

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