Uncategorized

Sigachi’s listing gain one of D-Street’s biggest


MUMBAI: The stock of Sigachi Industries, a manufacturer of ingredients that go into production of medicines, listed on Monday at more than three times its initial public offering (IPO) price. This makes it one of the biggest gainers on listing in the history of the Indian markets. Compared to its IPO price of Rs 163 per share, the stock listed at Rs 575 and closed the first day’s session on the bourses at Rs 604 — an appreciation of 253% over its offer price, according to BSE data. The IPO frenzy that’s currently gripping Dalal Street also helped PB Fintech, which operates under the PolicyBazaar brand, to list at a 17% premium to its offer price and close the day with a gain of 5% for its shareholders. Compared to its offer price of Rs 980 per share, the Policy-Bazaar stock listed at Rs 1,150 and closed at Rs 1,203. The two blockbuster listings of Monday followed another by online cosmetics retailer FSN E-Commerce Ventures, which operates under the Nykaa brand, last week. The stock, offered at Rs 1,125 per share, was listed at Rs 2,001 — a gain of 77%, which also catapulted its main promoter Falguni Nayar into the league of richest Indians. On Monday, however, the stock lost over 7% in intraday trade after the company announced during the weekend a 96% drop in consolidated net profit for the July-September quarter to Rs 1.2 crore. It ended over 3% down at Rs 2,281 by close of Monday’s trade on the BSE. However, there were some listing disappointments as well on D-Street. On Monday, SJS Enterprises, a decorative aesthetics manufacturer for the automotive and consumer appliances industries, listed at a marginal discount to its offer price of Rs 542 per share. It lost further ground through the session to close at Rs 510, a discount of nearly 6% to the offer price and down 6% on the day, BSE data showed. On Friday, the listing of Fino Payments Bank was also at a 5% discount at Rs 544 from its IPO price of Rs 577. On Monday, the stock — one of the leading payments banks in India — closed over 5% down at Rs 516, a discount of more than 10% to the offer price. The markets are now gearing up for the listing of tech-driven payments solutions pioneer One97 Communications, which operates under the Paytm brand, on Thursday. The company closed its Rs 18,300-crore IPO, the biggest in the country’s history, last week with the issue subscribed 1.9 times.


Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
%d bloggers like this: