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SJS Enterprises IPO - Listing Day Performance

SJS Enterprises IPO - Listing Day Performance
by 5paisa Research Team 15/11/2021

SJS Enterprises had a flat listing on 15th November at the issue price of Rs.542 but closed the day well below the issue price. While the stock did show a bounce during the day, it closed near to its intraday low levels.

With moderate subscription of 1.59X and limited trading interest in the GMP market, the listing was expected to be moderate to weak.

Here is the SJS Enterprises listing story on 15-Nov.

The IPO price was fixed at the upper end of the band at Rs.542 despite just a 1.59X subscription. The price band for the SJS Enterprises IPO was Rs.531 to Rs.542.

On 15th Nov, the stock of SJS Enterprises listed on the NSE at a price of Rs.542, exactly at the IPO issue price. On the BSE, the stock listed at Rs.540 a minor discount of -0.37% on the issue price.

On the NSE, SJS Enterprises closed on 15-Nov at a price of Rs.510, a first day closing discount of -5.90% on the issue price.

Check - SJS Enterprises Ltd IPO - Subscription Day 3

On the BSE, the stock closed at Rs.509.85, a first day closing discount of -5.93% on the issue price. On both the exchanges, the stock listed around the IPO issue price but closed Day-1 well below the listing price.

On Day-1 of listing, SJS Enterprises touched a high of Rs.551 on the NSE and a low of Rs.505.60. The closing was near to the low of the day.

On Day-1 of listing, the SJS Enterprises stock traded a total of 54.44 lakh shares on NSE amounting to value of Rs.289.09 crore. It did not feature among the top trades on value or on volumes on the NSE.

On the BSE, SJS Enterprises stock touched a high of Rs.551 and a low of Rs.505.50. On BSE, the stock traded a total of 2.25 lakh shares amounting to value of Rs.11.90 crore. It was not among the most active shares on the BSE.

At the close of Day-1 of listing, SJS Enterprises had a market capitalization of Rs.1,551.88 crore with free-float market cap of Rs.527.64 crore.

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Sigachi Industries IPO - Listing Day Performance

Sigachi Industries IPO - Listing Day Performance
by 5paisa Research Team 15/11/2021

Sigachi Industries had an incredibly strong listing on 15th November and listed at a premium of 250%, and closed the day at 5% upper circuit. The stock remained locked in upper circuit for the best part of the day. With overall subscription of 101.91X and solid trading interest in the GMP market, the listing was expected to be very strong.
 

Here is the Sigachi Industries listing story on 15-Nov.


The IPO price was fixed at the upper end of the band at Rs.163 considering the 101.91X subscription. The price band for the Sigachi Industries IPO was Rs.161 to Rs.163.

On 15th Nov, the stock of Sigachi Industries listed on the NSE at a price of Rs.570, a premium of 250% above the issue price of Rs.163. On the BSE, the stock listed at Rs.575 a premium of 253% on the issue price.

On the NSE, Sigachi Industries closed on 15-Nov at the upper circuit price of Rs.598.50, a first day closing premium of 267% on the issue price. On the BSE, the stock closed at the upper circuit of Rs.603.75, a first day closing premium of 270% on the issue price.

On both the exchanges, the stock not only listed at a huge premium to the IPO price but also closed Day-1 locked in 5% upper circuit.

On Day-1 of listing, Sigachi Industries touched a high of Rs.598.50 on the NSE and a low of Rs.570. The stock closed on upper circuit. On Day-1 of listing, the Sigachi Industries stock traded a total of 14.98 lakh shares on NSE amounting to value of Rs.87.12 crore.

It did not feature among the top trades on value or on volumes on NSE.

On the BSE, Sigachi Industries touched a high of Rs.603.75 and a low of Rs.570.45. On BSE, the stock traded a total of 5.62 lakh shares amounting to value of Rs.33.68 crore. It was not among the most active shares on the BSE.

At the close of Day-1 of listing, Sigachi Industries had a market capitalization of Rs.1,856 crore with free-float market cap of Rs.334 crore.

Also Read:- 

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Upcoming IPOs in November 2021

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Grey Market Premium of Go Fashion India Ltd IPO

Grey Market Premium of Go Fashion India Ltd
by 5paisa Research Team 16/11/2021

The Rs.1,014 crore IPO of Go Fashion India Ltd consists of an offer for sale of Rs.889 crore and a fresh issue of Rs.125 crore. The issue had been priced in the band of Rs.655 to Rs.690 per share and the price discovery will depend on the IPO response. The issue opens for subscription on 17-Nov and closes for subscription on 22-Nov.

Most of the shares start trading in the grey market well ahead of the IPO opening, which offers important indicators. Ahead of the issue and ahead of listing, one of the key parameters for evaluating the potential IPO is the GMP or the grey market price.

A word of caution here. The GMP is not an official price point, just a popular informal price point. However, in most cases, it has proved to be a good informal gauge of demand and supply for the IPO. Hence it does give a broad idea of how the listing is likely to be and how the post-listing performance would be.

Check - Go Fashion (India) IPO - 7 Things to Know

While the GMP is just an informal approximation, it has been generally seen to be a good mirror of the real story. More than the actual price, it is the GMP trend over time that really gives the insights about the stock being upgraded or downgraded over a period of time and which direction the wind is blowing.

One of the key factors that impacts the GMP in most cases, is the extent of oversubscription. The GMP premiums will largely predicate on the extent of oversubscription in each of the categories. That would make the GMP premiums robust in the informal trading market.

As per updates coming in on Tuesday, 16-Nov, the Go Fashions India IPO is commanding a premium of Rs.350 over the issue price in the grey market. The GMP has spiked sharply in the last couple of days from Rs.300 levels to Rs.350 levels. Of course, this GMP will keep changing once the issue opens and the subscription updates keep coming in.

The current GMP of Rs.350 for Go Fashions India IPO translates into a 50.7% premium over the upper price band of Rs.690. It also hints at a listing price of approximately Rs.1,040 when the stock lists but this would be subject to real time change.

GMP is an important informal indicator of likely listing price. However, investors must keep in mind that this is just an informal indication and has no official sanction.

Also Read:-

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Upcoming IPOs in November 2021

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Tarsons Products IPO - Subscription Day 2

Tarsons Products IPO - Subscription Day 2
by 5paisa Research Team 16/11/2021

The Rs.1,023.47 crore IPO of Tarsons Products, consisting of a fresh issue of Rs.150 crore and an offer for sale (OFS) of Rs.873.47 crore, saw decent response on Day-1 of the IPO.

As per the combined bid details put out by the BSE at the close of Day-2, Tarsons Products IPO was subscribed 3.58X overall, with good demand coming from the retail segment followed by the HNI segment and the QIB segment with all the segment getting more than fully subscribed. The issue closes on 17th November.

As of close of 16th November, out of the 108.44 lakh shares on offer in the IPO, Tarsons Products saw bids for 388.08 lakh shares. This implies an overall subscription of 3.58X. The granular break-up of subscriptions was dominated by the retail investors followed by HNIs and QIBs in that order.

However, the QIB bids and NII bids are expected to gather momentum on the last day, as is the general trend in the IPO market.
 

Tarsons Products IPO Subscription Day-2
 

Category

Subscription Status

Qualified Institutional Buyers (QIB)

1.30 Times

Non Institutional Investors (NII)

3.98 Times

Retail Individuals

4.74 Times

Employees

1.08 Times

Overall

3.58 times

 

QIB Portion

Let us first talk about the pre-IPO anchor placement. On 12th November, Tarsons Products did an anchor placement of 46,21,757 shares at the upper end of the price band of Rs.662 to 32 anchor investors raising Rs.305.96 crore.

The list of QIB investors included a number of marquee global names like GIC Singapore, Monetary Authority of Singapore, First Sentier Investors, Theleme India Fund, Macquarie and Abu Dhabi Investment Authority (ADIA). Domestic anchor investors included Birla Mutual Fund, Sundaram MF, ICICI Pru MF, Kotak MF, L&T MF, Mirae MF, Reliance General Insurance; among others.

Check - Tarsons Products IPO - Subscription Day 1

The QIB portion (net of anchor allocation as explained above) has a quota of 30.81 lakh shares of which it has got bids for 40.00 lakh shares on Day-2, implying a subscription ratio of 1.30X for QIBs at the close of Day-2. QIB bids typically get bunched on the last day but the heavy demand for the anchor placement forebodes well for the Tarsons Products IPO subscription overall.

HNI / NII Portion

The HNI portion got subscribed 3.98X (getting applications for 92.02 lakh shares against the quota of 23.11 lakh shares). This is a relatively good response on Day-2 because this segment normally sees the maximum response bunched on the last day. Bulk of the funded applications and corporate applications, come in on the last day of the IPO.

Retail Individuals

The retail portion was subscribed an impressive 4.74X at the end of Day-2, showing decent retail appetite. It must be noted that retail allocation is 35% in this IPO. For retail investors; out of the 53.92 lakh shares on offer, valid bids were received for 255.42 lakh shares, which included bids for 196.00 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.635-Rs.662) and will close for subscription on 17th November 2021.

Also Read:-

Tarsons Products IPO - 7 Things to Know

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Upcoming IPOs in November 2021

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Grey Market Premium of Paytm IPO

Grey Market Premium of Paytm IPO
by 5paisa Research Team 16/11/2021

The Rs.18.300 crore IPO of One97 Communications (Paytm) consisted of a fresh issue of Rs.8,300 crore and an offer for sale of Rs.10,000 crore. The issue had been priced in the band of Rs.2,080 to Rs.2,150 per share and the price has been discovered at Rs.2,150. The issue had closed for subscription on 10-Nov and the basis of allotment had been finalized on 15-Nov.

Shareholders are expected to get their refunds on 16-Nov and their demat credits by 17-Nov and the stock is likely to list on Thursday 18th November. Ahead of listing, one of the key parameters for evaluating the potential listing is the GMP or the grey market price.

A word of caution here. The GMP is not an official price point, just a popular informal price point. However, in most cases, it has proved to be a good informal gauge of demand and supply for the IPO. Hence it does give a broad idea of how the listing is likely to be and how the post-listing performance would be.

While the GMP is just an informal approximation, it has been generally seen to be a good mirror of the real story. More than the actual price, it is the GMP trend over time that really gives the insights about the stock being upgraded or downgraded.

One of the key factors that impacts the GMP in most cases, is the extent of oversubscription. Now, Paytm IPO was oversubscribed just about 1.89 times overall. On a granular basis, it was the QIB segment that led the way with 2.79X subscription while HNIs were just 0.24X and Retail was 1.66X. That has led to the GMP premiums tapering in the last few days since the start of November.

As per updates coming in on Tuesday, 16-Nov, the One97 Communications (Paytm) IPO is commanding a premium of just about Rs.30 over the issue price in the grey market. The GMP has retraced sharply from a high of Rs.150 on 07 November to Rs.70 on 09 November and down to just Rs.30 in the last 2 days, indicating a listing close to the issue price.

Check - Paytm IPO - Subscription Day 3

The current GMP of Rs.30 for One97 Communications (Paytm) translates into a mere 1.40% premium over the discovered price of Rs.2,150. It also hints at a listing price of approximately Rs.2,180 when the stock lists on Thursday 18-Nov.

Of course, subsequent price performance will depend on HNI selling as well as institutional interest in the stock, but prima facie it does indicate a tepid listing for One97 Communications (Paytm).

Also Read:-

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Upcoming IPOs in November 2021

PayTm IPO - 7 Things to Know

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e-Mudhra Files DRHP with SEBI for IPO

e-Mudhra Files DRHP with SEBI for IPO
by 5paisa Research Team 16/11/2021

If you have ever used digital signature certificates for transacting of any of the routine businesses, you would be familiar with e-Mudhra.

A digital signature is a computer embedded code that is downloaded on to your PC or laptop and can be used to digitally sign documents since the digital signature is equivalent to an actual signature for all legal purposes.

The largest player in the issue of digital signature certificates in India is e-Mudhra. Currently, in India, e-Mudhra is the largest licensed certifying authority for the issue of digital signatures and has over one-third of the Indian digital signature market.

To further expand its digital signature franchise and to give partial exit to early investors and promoters, e-Mudhra is now planning a public issue.

The proposed initial public offer will be a combination of a fresh issue and an offer for sale. The fresh issue will be to the tune of Rs.200 crore while e-Mudhra will offer 85,10,638 shares under the OFS.

Some of the promoters and early investors offering shares in the OFS include Venkatraman Srinivasan 32.89 lakh shares, Taarav Pte Ltd 31.91 lakh shares, Kaushik Srinivasan, 5.11 lakh shares, Arvind Srinivasan 8.82 lakhs shares and others 1.33 lakh shares.

E-Mudhra is also planning to raise Rs.39 crore via pre-IPO placement, in which case the issue size will be reduced accordingly.

Out of the fresh funds raised by the company in the IPO, it will deploy Rs.46 crore for equipment purchase and data centre costs, Rs40 crore for working capital and Rs.35 crore for debt repayment. It will also allocate Rs.15 crore each for product development and to invest in E-Mudhra Inc.

E-Mudhra has a 38% market share as of the end of FY21 and has till date issued more than 5 crore digital certificates since its inception.

Digital certificates are mandatory for filing income tax returns, ROC filings, foreign trade, filing of tenders, railway documentation, banking documentation etc. All directors of any organization are mandatorily required to only sign documents digitally.

For FY21, E-Mudhra had reported revenues of Rs.131.59 crore and net profits of Rs.25.35 crore. Its profits promise to grow substantially if you go by the Rs.92 crore revenue and Rs.20 crore profit reported for the first half of FY22. The issue will be lead managed by IIFL Securities and Yes Securities.

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