About two-thirds of companies — 13 out of 20 — listed this year so far are trading above their issue prices.
The stock of microfinance services company, Ujjivan Financial Services is trading almost 115% higher than its issue price, making it the best performer among these companies. Among other toppers are Advanced Enzymes, whose stock is trading almost 90% higher than the issue price, as well as Quess Corp, Equitas Holdings, Mahanagar Gas and Parag Milk Food which are trading between 75% and 35% higher.
The 20 companies have raised more than R20,000 crore through initial public offerings (IPOs) in 2016 so far. In 2015, 21 companies had raised Rs 13,614 crore through IPOs. However, the year 2014 saw just five companies getting listed on the exchanges, which raised R1,200 crore. IPOs worth R5,745 have lined up to hit the primary markets in the next few months, data from Prime Database shows. As many as 16 companies have received an approval from Securities and Exchange Board of India (Sebi) to list on the exchanges.
At the other end of the spectrum, shares of Quick Heal Technologies have dropped around 28% from their issue price of R321, while those of Bharat Wire Rope, L&T Infotech and Healthcare Global are down between 2% and 12%. L&T Technology and L&T Infotech, arms of infrastructure major Larsen and Toubro (L&T) have fared poorly on the exchanges. After listing 6% down over the issue price, L&T Infotech is currently trading around 10% down over the issue price. On the other hand, stock of L&T Technology Services is marginally up 0.47% of its issue price.
The Sensex has gained 8.06% in 2016 so far, however, the BSE index ended the last two trading session in red. On Tuesday, the Sensex closed at 28,223.70, down 70.58 points and Nifty50 ended the session at 8,706.40 down 16.65 points.