ElectroSteel Integrated IPO : Settled at 2.27% premium on debut

by khalid on 08/10/2010 · 6 comments

EelctroSteel Integrated is a subsidiary of Electrosteel Group and in the business of manufacturing Cast Iron pipes for over four decades. Ramky Infrastructure Limited’s shares were able to got a buying interest and debuted at Rs 11.15, a mere 1.36% premium over its initial public offering (IPO) price of Rs 11. At the end of the day, shares price was Rs 11.15 which is a premium of 2.27% over the issue price of Rs 11. The stock hit a high of Rs. 12.35 and low of Rs. 9.35 on the day 1.

ElectroSteel Integrated Limited IPO had been oversubscribed just 8.23 times at the end of the final day of subscription 23 September 2010. The IPO of ElectroSteel Integrated Limited had received a so so response from the investors with the final over-subscription figure nearing to about 8.23 times on an overall basis. Qualified Institutional Buyers categories of investors had shown least support of 5.86 times only.

Listing day Summary :-
Listing Date: 8th Oct 2010
BSE Scrip Code : 533264
NSE Symbol : ESL
Listing In : ‘B’ Group of Securities
ISIN : INE481K01013
Issue Price : Rs. 11.00 Per Equity Share
Face Value : Rs. 10.00 Per Equity Share

On the BSE:-
Issue Price: Rs. 11.00
Open : 11.15
High : 12.35
Low : 9.35
Close : 11.25
Last Trade : 11.25

The proceeds of this IPO will be used for part finance the construction of Integrated Steel and D.I. pipe plant having a capacity of 2.2 MTPA in Jharkhand, India, to pay margin money towards Bank Guarantees, general corporate purposes and to create a public market for equity shares by listing securities of Company on Stock Exchanges.

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{ 5 comments… read them below or add one }

Shabbir Bhimani October 9, 2010

2.27% over the issue price of Rs 11 is not something that will interests many investors and that is the main reason I have stopped looking at IPOs these days.

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khalid October 9, 2010

Agreed 2.27% is not good enough but there are lot of IPOs in primary market these days and you have to choose better one from them. Career Point Infosystems IPO got 104% return on listing day just two days ago.
Its great to see you here in BelltheBull, thanks for your visit.

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Shabbir Bhimani October 9, 2010

I just missed on one point to say that pleasure is all mine and you have a great blog. I also use the same Thesis theme on my other blog http://www.codeitwell.com/ .

I hope to read your other articles too but I will suggest you to use AWeber for email delivery of your feeds and you can read more about it on my blog here http://www.codeitwell.com/aweber-autoresponder-review.html

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Shabbir Bhimani October 9, 2010

Agreed on Career Points and if they leave something for the investors it really helps on the listing day.

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khalid October 9, 2010

I am totally with you on the point that companies are not leaving enough for investors by setting their IPOs issue price too high.

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