Prakash Steelage IPO: 5 QIBs sell entire allotment on day 1

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Prakash Steelage IPO: 5 QIBs sell entire allotment on day 1

Shares of Prakash Steelage, manufacturer of seamless & welded stainless steel pipes and tubes, received an overwhelming response on day one.

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Prakash Steelag BSE | NSE 10/02/12 Are Mutual Funds betting on Prakash Steelag?

Shares of Prakash Steelage , manufacturer of seamless & welded stainless steel pipes and tubes, received an overwhelming response on day one.  The total volume traded was more than 17 times of its issue size -- about 10.85 crore shares of PSL traded on exchanges while issue size of 62.5 lakh shares.

A share closed at Rs 187.95, a premium of 70.86% over its issue price of Rs 110 per share on BSE, after hitting an intraday high of Rs 201.90 and low of Rs 117. Its market capitalisation shot up to Rs 328.91 crore from Rs 192.5 crore.

It has witnessed 267 bulk deals, including 112 deals on BSE and 155 on NSE. About 53 lakh shares were marked for delivery on listing day, which was 4.8% of traded volume.

On first day of trading, five qualified institutional investors (QIBs) sold their entire allotment, which are -

India Max Investment Fund sold 6.6 lakh shares at a price of Rs 123.8/share, which had received 6.6 lakh shares in allotment - 11% of issue size.

Somerset Emerging Opp Fund sold 3.16 lakh shares at Rs 125/share, which was 5% of issue size.

Somerset India Fund sold 3.3 lakh shares at a price of Rs 129/share; this name does not appear in the QIB list.

TAIB Sec Mauritius offloaded 3.16 lakh shares at Rs 121.95/share, which received these shares in allotment - 5% of issue size.

Sagar Rajeshbhai Jhaveri sold 2.89 lakh shares at Rs 140/share - 4.62% of issue size.