Oneclick Logistics India IPO Listed at 41.41% higher, hits lower circuit

Premium listing for Oneclick Logistics India Ltd, then hits lower circuit

Oneclick Logistics India Ltd had a strong listing on 11th October 2023, listing at a premium of 41.41%, but subsequently the stock came under pressure and hit the -5% lower circuit on the listing price. Of course, the stock closed comfortably above the IPO issue price but it surely closed below the IPO listing price for the day. Overall, there was a sharp surge in the markets as the Nifty closed 122 points higher while the Sensex closed 394 points higher. However, despite these positive cues from the market, the stock opened strong but later fell sharply to close at the -5% lower circuit for the day.

With subscription of 224.19X for the retail portion, and 139.45X for the HNI / NII portion; the overall subscription was extremely healthy at 185.21X. The IPO was a fixed price issue with the IPO price fixed at ₹99 per share. The stock listed at a strong premium of 41.41%, on a day when the market sentiments were extremely strong overall. However, subsequently, the stock could not hold on to the gains under selling pressure as the stock eventually closed at the lower circuit of -5%. The strong undertone of the market combined with robust subscription numbers for Oneclick Logistics India Ltd helped a strong listing, but the stock could not sustain at higher prices.

Stock closes Day-1 at 5% lower circuit, after a very strong start

Here is the pre-open price discovery for the SME IPO of Oneclick Logistics India Ltd on the NSE.

Data Source: NSE

The SME IPO of Oneclick Logistics India Ltd was priced at ₹99 per share via the fixed IPO pricing mode. On 11th October 2023, the stock of Oneclick Logistics India Ltd listed on the NSE at a price of ₹140, a premium of 41.41% over the IPO issue price of ₹99 per share. However, the stock could not hold on to the early gains and eventually it closed the day at a price of ₹133 which is 34.34% above the IPO issue price of ͭ₹99 per share and a full -5% below the listing price of the stock at ₹140 per share on the first day of listing. In a nutshell, the stock of Oneclick Logistics India Ltd had closed the day exactly at the lower circuit price for the stock of -5% with only sellers and no buyers in the counter, despite a strong and robust opening. Like the upper circuit price, even the lower circuit price on listing day is calculated on the listing price and not on the IPO price. The opening price actually turned out to be the high price of the day, while the closing price was exactly at the low price of the day, being the -5% lower circuit limit for the day.

How prices traversed for Oneclick Logistics India Ltd on listing day

On Day-1 of listing i.e., on 11th October 2023, Oneclick Logistics India Ltd touched a high of ₹140 on the NSE and a low of ₹133 per share. The low price of the day was exactly the closing price of the stock while the stock high price of the day was exactly at the opening price of the stock for the day, which shows pressure on the stock through the day and that was reflected in the volumes and the price movement. In other words, the stock opened at the highest point of the day and closed at the lowest point of the day, a typical sign of intraday loss of momentum on the day of listing. The closing price of the day, or the low price of the day, also represents the lower circuit of -5%. That is the maximum that the SME IPO stock is allowed to move in the day, either ways. In fact, the stock enjoyed a strong listing and a close at the lower circuit on a day when the Nifty was up 122 points and the Sensex was up 394 points. The stock closed at the -5% lower circuit with pending sell orders and no buyers in the counter. For the SME IPOs, it may be recollected, that 5% is the upper limit and also the lower circuit on the listing price on the day of listing as they are listed on the Trade to Trade segment of BSE and the BE segment of the NSE.

Moderate volumes for Oneclick Logistics India Ltd on listing day

Let us now turn to the volumes of the stock on the NSE. On Day-1 of listing, the Oneclick Logistics India Ltd stock traded a total of 3.564 lakh shares on NSE SME segment amounting to trading value (turnover) of ₹495.18 lakhs on the first day. It must be said that the volumes were relatively moderate compared to other SME IPOs that we have seen on the NSE in the past.  The order book during the day showed a lot of selling post listing with the sell orders consistently exceeding the buy orders at any point of time. That also led the stock to close at the lower end of the circuit filter. It must be noted here that Oneclick Logistics India Ltd is in the trade to trade (T2T) segment so only delivery trades are possible on the stock. Hence the entire volume for the day purely represents the delivery volumes.

At the close of Day-1 of listing, Oneclick Logistics India Ltd had a market capitalization of ₹47.93 crore with free-float market cap of ₹15.74 crore. It has a total of 36.038 lakh shares as the issued capital of the company. As stated earlier, since the trading is on the T2T segment, the entire volume of 3.564 lakh shares during the day is accounted for only by delivery trades only, barring some market trade exceptions, which could occur from time to time.