New listings sparkle ahead of CIL debut

Ahead of the much-anticipated listing of Coal India’s mega issue on November 4, shares of three companies – BS Transcomm, Prestige Estates and Gyscoal Alloys – closed at a premium on their debut in an overall weak market.

Of the three listings, BS Transcomm, which makes telecommunication and transmission towers, posted the highest gains. The stock closed at Rs 362 on the National Stock Exchange (NSE), after touching an intra-day high of Rs 398.40, nearly 46 per cent more from the issue price of Rs 248.

The initial public offer (IPO) of BS Transcomm, which raised about Rs 190 crore, had struggled to get fully subscribed. The issue was initially open for subscription between October 6 and October 8, with a price band of Rs 257-266.

However, due to poor response, the issue was extended till October 13, and price band lowered to Rs 248-257. It was finally subscribed 1.1 times.

Real estate developer Prestige Estates opened at Rs 190 on NSE and touched a high of Rs 208.80 during the day. It closed at Rs 190.20, up 3.93 per cent from its issue price of Rs 183. The IPO, which raised Rs 1,200 crore, was subscribed 2.26 times. However, retail and high net worth investor categories were subscribed just eight per cent and 24 per cent, respectively.

Gyscoal Alloys shares closed at Rs 81.65 on NSE, up 12.68 per cent from the issue price of Rs 71. The company’s stock touched a high of Rs 112.50 and a low of Rs 75.15 during the day. The IPO, which was subscribed 8.59 times, raised Rs 54.67 crore.