Home First, Heranba, Brookfield, Nureca hit lowest levels since debut

Heranba Industries slipped 7% to Rs 708 in the intra-day trade today, falling 25% from its listing day high of Rs 945 on March 5, 2021

Shares of recently listed companies, Home First Finance Company, Heranba Industries, Brookfield India Real Estate Trust REIT and Nureca hit their respective lows since listing on the bourses. These stocks were down between 2 per cent and 8 per cent on the BSE in the intra-day trade on Monday. In comparison, the S&P BSE Sensex was down 1.7 per cent at 49,925 points at 02:04 pm.

Shares of agrochemicals company Heranba Industries, for instance, slipped 7 per cent to Rs 708 on the BSE. With today’s fall, the stock has declined 25 per cent from its listing day high of Rs 945 hit on March 5, 2021. The stock had made a strong debut at Rs 900, a 43.5 per cent premium against the issue  price of Rs 627 per share.

That apart, Home First Finance Company skid 3.6 per cent to Rs 496.80, sliding below its issue price of Rs 518 per share. The housing finance company had made a tepid stock market debut on February 2. The stock had closed at Rs 527.40, up nearly 2 per cent from its issue price, after hitting high of Rs 639.50 in intra-day trade on listing day.

"In the medium to long-term, HFFC should be able to take advantage of strong underlying growth momentum in the affordable housing space. This, coupled with its own strong core operating metrics (2.5-3 per cent RoA) would help it lever up the current capital. While the pricing is a tad expensive at 3.4x 1HFY21 P/BV, we believe its strong metrics and high growth would lead to healthy EPS growth," analysts at IIFL Securities had said in an IPO note.

Further, shares of Brookfield India’s Real Estate Investment Trust (REIT) were down 2.5 per cent at Rs 235,10 on the BSE. The stock is currently trading 14.5 per cent below its issue price of Rs 275 per share. It, too, had made sombre debut on February 16, getting listed at par and hitting a high of Rs 280.05 on listing day.

Brookfield REIT is the third such trust to be listed in the country. Earlier, Embassy Office Parks REIT, backed by Blackstone and Embassy group, got listed in April 2019 after raising Rs 4,750 crore. Mindspace Business Parks REIT, owned by K Raheja and Blackstone, meanwhile, was listed in August last year and had raised Rs 4,500 crore.

Lastly, shares of Nureca slipped 8 per cent to Rs 560 in the intra-day trade today, dropping 26 per cent from its recent high of Rs 760 touched on March 2. The stock of the wellness product distributor saw a strong debut as its shares soared 67 per cent during their market debut on February 25. The stock had ended at Rs 667, up Rs 267, or 67 per cent, over issue price of Rs 400 per share. Nureca’s Rs 100-crore IPO had seen more than 40 times oversubscription.