Talwalkar Better Value Fitness Limited listed on the BSE and NSE today. It could not have chosen a better day for listing than today. Markets have been falling on global cues during the last week and they chose to rebound today. The rebound saw a rally of a staggering 561 points or 3.35% on the BSESENSEX. This changed the mood from one of pessimism to one of cautious optimism.

Talwalkars had launched its IPO for 60.5 lakh shares in a price band of Rs 123-128 during the 21st and 23rd of April. The issue had received excellent response and was subscribed over 28 times. The share listed today on the BSE and NSE. The opening price or listing price was Rs 138 on the BSE and Rs 147.95 on the NSE. The lows which were made within the first few minutes of trade were an identical Rs 132 on both exchanges. The share after touching the Rs 162-163 mark was under some selling pressure and hovered around the 149-151 mark. When European markets opened and the rally in Europe was reflected in our markets staging the second leg of the rally for the day.

The high on the BSE was 167.60 and on the NSE were 168.90 respectively. The weighted average close was Rs 162.60 on the BSE and Rs 163.15 on the NSE. Trading volumes were huge with 445 lakh shares or 7.36 times the IPO size being traded on day one. Delivery volume was also very high with 41 lakh shares or 67.88% of the issue size being delivered on day one. What is heartening is that investors have made money on day one and even at the weighted average the return is 22%.

Institutional buying was witnessed today and a large mutual fund has bought about 15 lakh shares today. Tomorrow would be yet another day and in conclusion the company had done well today and helped in restoring confidence to investors.