look news india
New Delhi, September 03 (HS). Two stocks made a strong entry in the domestic stock market on Tuesday. Shares of Premier Energies, a solar cell and solar panel manufacturing company, were listed today at a premium of 120 percent. Similarly, shares of Indian Phosphate were listed today with a premium of 90 percent. However, both these stocks fell prey to profit booking during the day's trading, due to which the profits of IPO investors decreased.
Premier Energies' Rs 2,830.40 crore IPO was open for subscription from August 27 to August 29. This IPO received a strong response from investors, due to which it was subscribed 75 times overall. Under the IPO, the company had issued shares at a price of Rs 450. Today, the company's shares were listed on the Bombay Stock Exchange at a price of Rs 991 and on the National Stock Exchange at a price of Rs 990. In this way, IPO investors got a profit of 120 percent with the listing itself. However, due to profit booking after listing, this stock fell to Rs 839.65 on BSE. In this way, at the end of the first day, the profit of IPO investors decreased to 86.59 percent.
Similarly, shares of Indian Phosphate entered the SME platform of National Stock Exchange today. Indian Phosphate's Rs 67.36 crore IPO was open for subscription between 26 and 29 August. This IPO received an overall subscription of 267 times. Shares were allotted at a price of Rs 99 under the IPO. Today, it was listed on the SME platform of NSE at a price of Rs 188.10. In this way, IPO investors got a listing gain of 90 percent. However, the happiness of the IPO investors faded in a short time, as this stock came to the lower circuit level of Rs 178.70 due to selling pressure. In this way, the profit of the IPO investors of this stock was reduced to 80.5 percent on the first trading day itself.