It is after a long time that a new listing has happened at a discount. Anupam Rasayan got listed on the BSE at Rs.534.70 v/s IPO price of Rs.555. It went down to Rs.501 and is now trading at Rs.517 levels.
It was widely expected that the stock would list at a 10-15% premium. The Rs 760-crore IPO of Anupam Rasayan, a Specialty Chemicals firm, was subscribed 44 times by investors earlier this month.
The HNI quota (NII) saw 97.42 times subscription, the QIB quota 65.74 times and the retail quota 10.77 times.
In our New Issue Analysis, we had concluded, “Positives of visible topline and bottomline growth is overshadowed by aggressive IPO pricing given (i) poor working capital, (ii) input price risk (iii) future net margins seen below peers. Thus one can give the issue a miss, and instead focus on some of the larger listed peers.”