Pradip Overseas Limited listed on the BSE and NSE yesterday. The company had come out with its IPO during the 11th and 15th of March in a price band of Rs 100-110. The issue was subscribed over 14 times. The good demand for the issue was based on the revival of interest in the textile sector.

The share listed at Rs 120 on the BSE and Rs 115 on the NSE respectively. The highs were Rs 123 and Rs 122.70 respectively. The lows were Rs 102.30 and Rs 102.15 respectively. Trading was on a very brisk note and in the first two hours of trade over 2 cr shares were traded. Then the share began slipping and there was huge volume. The share recovered from the lows and closed at Rs 107.15 on the BSE and Rs 107.05 on the NSE. The share closed in negative territory for the day.

Traded volumes were at 445.58 lakh shares which means over 4 times the IPO size of 106 lakh shares. The shares delivered were 65.36 lakh shares which was 14.67% of the traded volume but 61.66% of the IPO size.

The share was certainly under pressure yesterday and the huge traded volumes and the delivery percentage are good indicators of the same. The stock is likely to recover lost ground in the next few days if not completely recover today itself.

Pradip Overseas Limited (POL) listed today on the BSE and NSE. The company had come out with its IPO between 11th and 15th of March, in a price band of Rs 100-110. The issue was well received and was oversubscribed over 14 times. The issue was for 1.06 cr shares and the issue was priced at Rs 110.

The share listed on the BSE at Rs 120 and on the NSE at 115. The highs were Rs 123 and Rs 122.70 respectively. The lows were Rs 111.10 and Rs 110 on the BSE and NSE. The traded volume was a healthy 201.78 lakhs or roughly 1.9 times the IPO size of 1.06 cr shares.

The share seems to be under pressure and probably the reason for that is because the grey market premiums were quite high and seem to have reduced post listing. More on the stock at the end of the day looking at the traded volumes and delivery volumes.