SKS Microfinance Limited listed on the BSE and NSE yesterday. The shares were issued in a price band of Rs 850-985 and the issue was subscribed 13.69 times. The issue size was 167.91 lac shares which comprised of a fresh issue of 74.45 lac shares and an offer for sale of 93.46 lac shares.
The share listed at Rs 1036 on the BSE and at Rs 1040 on the NSE. The opening prices were the lows as well on both the exchanges. The highs were Rs 1159.9 on the BSE and Rs 1162 on the NSE. The highs were made in the first 15 minutes of trade itself. Thereafter the share traded for the major part of the day in a narrow band of Rs 1095-1125. There was some selling pressure towards the end of the day which saw the stock close below 1090. The trading volumes were brisk in the morning with the first hour of trading seeing 97.71 lakh shares being traded. The end of day figure for trading just about doubled to 206.11 lakhs which is not the normal trading pattern.
In any case the total traded volume was 1.23 times the IPO size of 167.91 lac shares. Total deliveries were 60.72 lakh shares which constituted 29.46% of the traded volume and 36.17% of the IPO size. Readers would recall that there was an allotment made to anchor investors which constitutes 30% of the QIB portion and effectively 18% of the total issue. This allotment comes with a lock-in of one month. If one were to consider this the delivery percentage would rise to 44.10%. The reason why I am putting this figure is that deliveries on day one also comprise of sale by institutional investors.
| Exchange |
Open |
High |
Low |
Close |
Net Change |
% gain |
Wt Avg |
Volume |
Delivery |
Del % age |
| BSE |
1036.00 |
1159.90 |
1036.00 |
1088.60 |
103.60 |
10.52 |
1113.29 |
6829049 |
1832611 |
26.84 |
| NSE |
1040.00 |
1162.00 |
1040.00 |
1088.65 |
103.65 |
10.52 |
1115.41 |
13782374 |
4240010 |
30.76 |
| Total |
|
|
|
|
|
|
|
20611423 |
6072621 |
29.46 |
The share held itself well yesterday but bulk deal data does not throw up anything except one name where one institution purchased approximately 6.2 lakh shares. The share should hold itself today but there needs to be fresh institutional buying to support the same. Retail investors would have cashed out yesterday as besides the gain in the market they also had an additional cushion in the form of a discount of Rs 50 per share. Taking the weighted average as their selling price they made a profit of Rs 180 or 19.25% on their cost of Rs 935 per share.
It would be interesting to see how the share fares today.
