Shriram Properties IPO Listing at 23.73% Discount

Shriram Properties had a weak listing on 20th December and listed at a discount of 23.73%, and closed the day still in the red, despite a bounce from lower levels. The stock did make a feeble attempt to bounce back during the day but could not get to much higher levels and the sharp crack on the Nifty and Sensex only accentuated it.

With 4.60 times subscription and limited trading interest in the grey market, Shriram Properties was expected to list either flat or with a minor discount. However, that was not the case as the discount was huge. Here is the Shriram Properties listing story on 20-Dec.

The IPO price was fixed at the upper end of the band at Rs.118 which was acceptable considering that the issue was subscribed 4.60 times overall with robust contribution from the Retail segment.

The price band for the Shriram Properties IPO was Rs.113 to Rs.118. On 20th Dec, the stock of Shriram Properties listed on the NSE at a price of Rs.90, a discount of 23.73% on the issue price of Rs.118. On the BSE also, the stock listed at Rs.94 a discount of 20.34% on the issue price.

On the NSE, Shriram Properties closed on 20-Dec at a price of Rs.98.90, a first day closing discount of 16.19% on the issue price of Rs.118. However, the closing price was 9.9% above the listing price.

On the BSE, the stock closed at Rs.99.40, a first day closing discount of 15.76% on the issue price, but 5.74% above the listing price. On both the exchanges, the stock listed at a steep discount to the issue price, and during the day the discount narrowed but the weak sentiments in the market overall weighed on the stock through the day.

On Day-1 of listing, Shriram Properties touched a high of Rs.106.40 on the NSE and a low of Rs.90. The discount over issue price narrowed but stayed through the day. On Day-1 of listing, the Shriram Properties stock traded a total of 300.23 lakh shares on NSE amounting to value of Rs.296.92 crore. On 20-Dec, Shriram Properties was the 19th most active share on NSE by traded volumes (measured by number of shares).

On the BSE, Shriram Properties touched a high of Rs.106.35 and a low of Rs.91.75. On BSE, the stock traded a total of 23.43 lakh shares amounting to value of Rs.23.51 crore. Shriram Properties was not among the most active stocks on the BSE in terms of trading value.

At the close of Day-1 of listing, Shriram Properties had a market capitalization of Rs.1,686.06 crore with free-float market cap of Rs.252.91 crore.

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