Another IPO, which had got a bumper listing is today the top loser on the BSE and has been losing ground consistently for the past couple of months.
Mrs.Bectors Food is trading at Rs.312 levels currently; it had hit a new low on 31st March at Rs.279. This is a big fall in a year’s time; it had got listed on the BSE on 23rd Dec’21 at Rs.501, a huge 74% premium to its IPO price of Rs.288.
Volumes on the counter are up almost 21-times, indicating some large trades though at the moment, name of buyer and seller is not known. There are more buyers than sellers on the counter.
In our IPO Analysis, we had said - despite presence in multiple verticals displaying lack of focus and unbranded business fetching lower multiples, pricing has left money on the table with a short term view. Over the medium term though, performance remains to be monitored post normalization of covid-tailwinds.