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April 5, 2002 | 1445 IST
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Money > Business Headlines > Report April 5, 2002 | 1445 IST |
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Fiscal 2002 floats: some under water, some aboveCharulata Vaswani Initial public offerings of the last financial year (2001-2002) have received a mixed response following their listing on the stock exchanges. Of the five IPOs that listed last year, 3 have been faring above issue price, while 2 have been languishing. The year saw six floats hitting the markets. Of this, IMAP Technologies, SMR Universal Softech, South Asian Petrochem, City Online Services and Bharti Tele-ventures have already been listed on the bourses, while the Punjab National Bank issue is not. The PNB float closed on March 28. This translates into a 15 per cent discount from its offer price of Rs 45. The scrip listed on the BSE on January 28, 2002l, at Rs 44.15 and has moved between a high of Rs 55 and a low of Rs 36 thereafter. South Asian Petrochemicals, offered at Rs 10, is now quoting at Rs 6.75, which translates into a discount of 32.5 per cent. It has moved between Rs 7 and Rs 5.65 after listing at Rs 6.65 on the BSE on December 20, 2001. IMAP Technologies and City Online Services have both listed on the Hyderabad Stock Exchange. The stock was offered at Rs 10, and listed April 9, 2001. Its last traded is Rs 10.05 on March 20, 2002, a tad above its offer price. The stock has posted a high of Rs 10.80 on July 10, 2001, and a low of Rs 9.25 on November 23, 2001, post listing. City Online Services was offered at Rs 10 per share, and the share listed on August 23, 2001. Its last traded price was Rs 19.20 on March 11, 2002, a gain of 92 per cent over its offer price. The counter has moved between a high of Rs 20.50 and a low of Rs 7.20. The only exception is SMR Universal Softech, which is trading sharply higher than its IPO price due to renewed interest in select second-rung technology counters on the bourses. Its closing price of Rs 121.35 on the BSE today translates into a 506.75 per cent premium over its offer price of Rs 20. It listed on the BSE on 1st April, 2002. Powered by ALSO READ:
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