Rollercoaster IPO rides: Happy Forgings shines, Credo & RBZ Jewelers falter; Electro Force makes strong debut
By Sunita Iyer | First Published Dec 27, 2023, 2:03 PM ISTAn overview of recent stock market debuts, including Happy Forgings' impressive listing, contrasting performances of Credo Brands Marketing and RBZ Jewelers, and the debut of Electro Force India.
The stock market witnessed a mix of excitement and disappointment on December 27, as Happy Forgings stole the spotlight with a remarkable debut. Listed on the BSE at Rs 1001.25, the shares soared by 17.8%, a substantial increase from the price band of Rs 850. Simultaneously, the NSE introduction at Rs 1,000 boasted a 17.64% premium.
Happy Forgings IPO success
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Happy Forgings' IPO, open for subscription from December 19 to 21, garnered tremendous interest, oversubscribed by a staggering 82.63 times. The Non-Institutional Investors (NII) category saw a subscription of 63.45 times, while the Qualified Institutional Buyers (QIB) category experienced an overwhelming response with a subscription rate of 214.65 times. Even the retail category displayed significant interest, being subscribed 15.40 times.
Electro Force India's bright debut
In a separate development, Electro Force India made a strong debut, listing its shares at a premium of 7.6%. The IPO, listed at Rs 100, reflected a 7.6% premium over its upper price band of Rs 93. Specializing in designing and manufacturing electrical components, Electro Force India caters to various industries, including electronics, switchgear, lighting, and allied sectors.
Credo Brands Marketing: A disappointing listing
In contrast, Credo Brands Marketing left investors disheartened with a marginal 0.84% premium on the NSE, listing at Rs 282.35 compared to its issue price of Rs 280. On the BSE, the listing occurred at the issue price of Rs 282, reflecting a premium of 0.71%.
Shanti Spintex and RBZ Jewelers' Varied Fortunes
Shanti Spintex shares took a positive turn, listing at Rs 76 with an 8.6% premium over the IPO price band of Rs 70. The shares experienced a 5% increase post-listing, reaching Rs 79.80, subsequently hitting the upper circuit.
On the other hand, RBZ Jewelers' IPO experienced a lackluster listing, with shares being listed at the upper price band of Rs 100, offering no initial profit to investors. Although there was a modest 5% increase post-listing, reaching Rs 105, this performance fell short of investors' expectations.
In conclusion, the recent IPOs reflect the dynamic nature of the stock market, with some companies enjoying soaring success, while others grapple with challenges in meeting investor expectations. Investors continue to navigate these highs and lows in pursuit of lucrative opportunities in the ever-changing landscape of the stock market.
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