Notwithstanding the blood bath on the exchange, three companies made sterling debuts across the main board and SME exchange on Monday.
In all, 12 companies that raised about ₹1,052 crore through IPOs will get listed this week. Of these, three companies — Manba Finance, The Rappid Valves and Wol India 3D — were listed on Monday.
Manba Finance listed with a gain of 25 per cent at ₹150 on BSE against the issue price of ₹120 and gained further strength to close at ₹157 keeping in line with the recent trend of bumper new listings on the exchange.
Shivani Nyati, Head of Wealth, Swastika Investmart said the strong listing of Manba Finance reflects the company’s robust growth, positive financial metrics and the overwhelming investor response for the IPO that got subscribed 224.05 times. “While the listing gain is commendable, investors should remain cautious as the IPO was fully priced, and the company operates in a competitive market with inherent risks. However, Manba Finance’s focus on niche segments positions it for potential growth,” said Nyati.
Two more companies – KRN Heat Exchanger and Diffusion Engineers — will also list on the main board this week.
SME Listings
The two stocks that listed on the SME exchanges also made an encouraging listing on Monday. The Rappid Valves stock opened up 40 per cent at ₹312 on NSE Emerge compared to IPO price of ₹222 apiece and hit the upper circuit of 5 per cent after making an intra-day high of ₹328 a piece. It finally closed at ₹315.
Similarly, Wol India 3D listed at a premium of 20 per cent at ₹180 against issue price of ₹150 before closing at ₹189 a piece on NSE Emerge.