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Five-day streak of IPO listing bells leading to Christmas day

The week leading to Christmas witnessed back-to-back listing of initial public offerings (IPOs) in the secondary market. The companies that made their market debut this week included Shriram Properties, MapmyIndia, Metro Brands, MedPlus Health Services and Data Patterns, which listed on Friday, December 24.

December 24, 2021 / 07:32 PM IST

Opening with a sharp correction in the equity markets, the week leading to Christmas witnessed a jam-packed listing schedule. The five-day streak of new listings accounted for an eventful end to 2021, a year that has seen a rush of IPOs.

As many as 63 Indian companies raised an all-time high Rs 1,18,704 crore through main board IPOs in 2021, according to data compiled by Prime Database. This record amount was nearly 4.5 times the Rs 26,613 crore raised through 15 IPOs in 2020 and almost twice the previous best year of 2017, in which Rs 68,827 crore was raised via the listing route.

 Also Read: The IPO Year: Fundraising by India Inc at record high of Rs 1,18,704 Crore in 2021

Five new companies following their IPO bidding, made their market debuts between December 20 and 24. Let’s take a look at their performances on the respective release dates:

  1. Shriram Properties - Monday - 20 December
Shriram Properties Ltd is among the top five residential real estate developers in South India in terms of the number of units launched between 2012 and the third quarter of 2021 across Tier-I cities like Bengaluru, Chennai and Hyderabad.

A Shriram group company, the mid-market and affordable housing developer launched its first public issue on December 8, raised Rs 600 crore from the public issue with subscription of 4.6 times. The company listed its shares on December 20.

Debut day performance

Close

The Shriram Properties stock closed at nearly a 16 percent discount to the issue price of Rs 118 per share, making a rather disappointing debut. While low demand in the grey market for the company’s IPO did show caution, a sharp correction in equity markets on Monday also affected the share price.

The stock opened at a 20.3 percent discount at Rs 94. It ended the day 15.76 percent lower at Rs 99.40, after hitting an intraday high of Rs 106.35 and a low of Rs 91.75, down 22 percent, on the BSE.

On the National Stock Exchange (NSE), it hit the day's high of Rs 106.40 and a low of Rs 90, which was also the opening price accounting for the discount of about 24 percent. It closed at Rs 99.60, down 15.6 percent.

The company traded with a volume of 3 crore equity shares on the NSE and 23.43 lakh shares on the BSE.

As of Friday, the stock price of Shriram Properties stood at Rs 83.45 on the NSE and at Rs 83.40 on the BSE.

Issue Price - Rs 118BSENSE
Opening Price:9490
Opening Discount (in %) :20.324
Closing Price:99.4099.60
Closing Discount (in %) :15.7615.6
Intraday High:106.35106.40
Intraday Low:91.7590
Trade volume:23.43 lakh3 crore
 
  1. CE Info Systems (MapmyIndia) -Tuesday - 21 December

MapmyIndia offers proprietary digital maps as a service (MaaS), software as a service (SaaS) and platform as a service (PaaS). It launched its IPO in the primary markets between December 9 and 13. During this period, it received tremendous response from investors as the offer was subscribed 154.71 times, following which it listed on the secondary markets on December 21.

The company raised Rs 1,039.6 crore through its public issue which was a complete offer for sale by selling shareholders including Rashmi Verma, Qualcomm Asia Pacific Pte Ltd and Zenrin Co.

Debut day performance

CE Info Systems made an impressive stock market debut on launch day but saw a bit of selling pressure amid volatility and finally settled with 35 percent gains.

The stock opened with a 53 percent premium at Rs 1,581 on the BSE and hit an intraday high and low of Rs 1,586.85 and Rs 1,282.20, respectively. It closed at Rs 1,394.55, up 35 percent over the issue price of Rs 1,033.

On the NSE, it rose 34.91 percent to close at Rs 1,393.65 after seeing a day's high of Rs 1,590 and a low of Rs 1,282.60.

The advanced digital maps, geospatial software, and location-based IoT technologies provider saw a volume of 1.33 crore shares on the NSE and 11.41 lakh shares on the BSE.

Ending the week, the stock price of MapmyIndia stood at Rs 1,430.75 and Rs 1,432.45 on the NSE and BSE, respectively.

Issue Price: Rs. 1,033BSENSE
Opening Price:1,581
Opening Premium (in %):53
Closing Price:1,394.551,393.65
Closing Premium (in %):3534.91
Intraday High:1,586.851,590
Intraday Low:1,282.201,282.60
Trade Volume11.41 lakh1.33 crore
 
  1. Metro Brands -Wednesday - 22 December

One of the largest Indian footwear speciality retailers, Metro Brands has a pan-India presence through 598 stores (across Metro, Mochi and Walkway branded multibrand outlets, Crocs branded exclusive brand outlets, and Walkway franchisees and shop-in-shops) in 136 cities spread across 30 states and Union territories in India.

Metro Brands mobilised Rs 1,367.5 crore through its public issue of 2.73 crore equity shares at Rs 500 per share. The offer consisted of a fresh issue of Rs 295 crore, and an offer for sale of Rs 1,072.5 crore by the promoters. The public issue of the company saw lower-than-expected subscription with the offer subscribed 3.64 times between December 10 and 14.

Debut day performance

Ace investor Rakesh Jhunjhunwala-backed Metro Brands witnessed a forgettable market debut on December 22, closing at a 1.3 percent discount to the issue price despite the equity benchmarks clocking healthy gains for the second day.

Metro Brands opened at Rs 436 on the BSE, a discount of 12.8 percent over its issue price of Rs 500. It sank to the day’s low of Rs 426.10 in the initial hour but recovered to hit a high of Rs 507.70. It, however, remained below the issue price for most of the session before closing at Rs 493.55, 1.2 percent below the issue price

On the NSE, it ended the debut day at Rs 493.35, 1.33 percent lower than the issue price even as the benchmarks Sensex and the Nifty gained more than a percent each.

Experts blamed higher valuation, fear of Omicron and market volatility for the weak debut. Metro Brands traded with a volume of 1.97 crore equity shares on the NSE, and 7.76 lakh shares on the BSE.

The footwear brand’s stock closed at Rs 470.45 on the NSE and at Rs 470.80 on the BSE at the end of the week.

Issue Price: Rs 500BSENSE
Opening Price:436437
Opening Discount (in %):12.812.6
Closing Price:493.55493.35
Closing Discount (in %):1.21.33
Intraday High:507.70
Intraday Low:426.10
Trade Volume:7.76 lakh1.97 crore
 
  1. MedPlus Health Services -Thursday - 23 December

Incorporated in November 2006 in Hyderabad, MedPlus Health Services has a network of over 2,000 stores distributed across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra. It operates via physical stores (91 percent to sales in FY21) and online mode (9 percent to FY21 sales).

After witnessing a healthy response from investors with subscriptions of about 52.6 times during December 13-15, the IPO listed on December 23. The company raised Rs 1,398 crore through its public issue with a fresh issue of Rs 600 crore

Debut day performance

MedPlus Health Services, the second largest pharmacy retailer in India, put on an impressive performance as the stock surged 40.81 percent on debut on December 23, thanks to positive momentum in the secondary market and its strong initial public offering (IPO) subscription figures.

The stock rallied as much as 43.6 percent to touch an intraday high of Rs 1,143.10 after opening at the day’s low of Rs 1,015, which was still 27.51 percent up from its offer price. It ended the day at Rs 1,120.85 on the BSE, up 40.81 percent over the issue price of Rs 796 a share.

On the NSE, the stock climbed 40.85 percent to close at Rs 1,121.45 after hitting the day’s high of Rs 1,143.90 and a low of Rs 1,040.

The MedPlus share saw 1.84 crore trades on the NSE and 11.99 lakh on the BSE. The company’s stock closed at Rs 1,076.05 on the NSE and at Rs 1,075.25 on the BSE, on Friday.

Issue price: Rs 796BSENSE
Opening Price:1,015
Opening Premium (in %):27.51
Closing Price:1,120.851,121.45
Closing Premium (in %):40.8140.88
Intraday High:1,143.101,143.90
Intraday Low:1,0151,040
Trade Volume:11.99 lakh1.84 crore
 
  1. Data Patterns -Friday - 24 December

Data Patterns is one of the fastest growing companies that develops end-to-end capabilities to cater to the entire spectrum of defence and aerospace platforms. As of September, its order book stood at Rs 580 crore (2.6x order book/sales), growing at a CAGR of 40 percent since FY18.

The offer consisted of a fresh issue of Rs 240 crore, and an offer for sale of Rs 348.22 crore by the promoters, within its IPO size of Rs 588.22 crore. The maiden public issue received an enthusiastic response from investors, with the offer being subscribed nearly 120 times between December 13 and 15.

Debut day performance

Data Patterns debuted on December 24 on the back of expected growth potential in the defence sector with the Make in India opportunity, a strong order book, healthy financials, and a stellar IPO subscription.

The stock touched an intraday high of Rs 864 at a premium of 47.6 percent which was also the opening price. The day's low was 744.05 which was still 27.18 percent up from its offer price. It ended the day at Rs 750.45 on the BSE, up 28.28 percent over the issue price of Rs 585 a share.

On the NSE, the stock climbed 29.06 percent to close at Rs 755 after hitting the day’s high of Rs 1,143.90 and a low of Rs 1,040.

The trade volume of Data Patterns stood at 1.34 crore on the NSE and 10.44 lakh on the BSE.

Issue Price: Rs 585BSENSE
Opening Price: 864 856
Opening Premium (in %): 47.6 46.3
Closing Price:750.45 755
Closing Premium (in %): 28.28 29.06
Intraday High: 864 864
Intraday Low: 744.05 743.85
Trade Volume 10.44 lakh 1.34 crore

Benchmark indices snapped a three-day winning streak and ended lower on December 24. At close, the Sensex was down 190.97 points or 0.33% at 57,124.31, and the Nifty was down 0.40% at 17,003.75, marking the end of the week.

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