However, the main market saw a pullback and ended in the green
The secondary market volatility has continued to weigh on the primary market listing gains. Two stocks – Kalyan Jewellers and Suryoday Small Finance Bank—which recently entered the market with their initial public offering (IPO), made a tepid debut on the bourses on Friday even as the benchmark indices --Nifty and Sensex—ended the day in the positive territory.
The shares of Kalyan Jewellers Ltd (KJL) listed at a discount of 15 per cent at Rs 73.90 on BSE, it fell further to close the day at Rs 73.30, a loss of 15.6 per cent, against the issue price of Rs 87. The KJL stock made its debut at Rs 73.95 on NSE and closed at Rs 74.35, a loss of 17 per cent on the opening day. The KJL counter clocked a trading volume of 35.79 lakh shares on BSE while on NSE 5.14 crore shares changed hands.
Shares of Suryoday Small Finance Bank (SSFB), on Friday, made a weak debut at the bourses, listing at Rs 292, a 4 per cent discount over its issue price of Rs 305 per share on the National Stock Exchange (NSE). It closed in red at Rs 271.75, down by 12.24 per cent. On the BSE, the stock opened 4 per cent lower at Rs 293, falling further to Rs 276.20, nearly 10.43 per cent lower against its issue price. SSFB counter clocked trading volume of 41.72 lakh shares and 5.08 lakh shares on NSE and BSE respectively.
Against this, the main market saw a pullback and ended in the green. The Sensex gained 568.38 points to close at 49,008.50, up 1.17 per cent, while Nifty was up by 182 points at 14,507.30, up by 1.27 per cent.
The SSFB IPO had managed to get a good response from the retail investors and qualified institutional buyers (QIBs). The issue was subscribed 2.37 times as the retail individual investors’ portion was subscribed 3.09 times and of the qualified institutional buyers (QIBs) portion by 2.18 times. The non-institutional investors’ portion was subscribed by 1.31 times, according to exchange data.
On the other hand, the KJL IPO had garnered decent subscriptions on the back of decent interest from retail investors and qualified institutional buyers (QIBs). The issue was subscribed 2.61 times led by retail investors who bid for 2.82 times the shares on offer, while QIBs portion was subscribed 2.76 times, according to exchange data. However, the non-institutional investors’ portion subscribed by 1.91 times, data showed.