Zee News August 21, 2009 Adani Power Lacklustre In Debut Trade; Settles At Issue Price
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Zee News August 21, 2009 Adani Power Lacklustre In Debut Trade; Settles At Issue Price

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"This should act as a wake up call for promoters who go for aggressive pricing of their public offers. The tepid response today would be a discomfort for investors who had borrowed funds to invest in ...

"This should act as a wake up call for promoters who go for aggressive pricing of their public offers. The tepid response today would be a discomfort for investors who had borrowed funds to invest in the IPO," SMC Capitals Equity Head Jagannadham Thunuguntla said.

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    Zee News August 21, 2009 Adani Power Lacklustre In Debut Trade; Settles At Issue Price Zee News August 21, 2009 Adani Power Lacklustre In Debut Trade; Settles At Issue Price Document Transcript

    • Adani Power lacklustre in debut trade; settles at issue price Thursday, August 20, 2009, 18:47 IST Mumbai: Adani Power received a lukewarm response to its debut trade today and settled at the issue price of Rs 100 a share on the Bombay Stock Exchange even as markets were in a buoyant mood. Market observers said the Adani Power's lacklustre listing could be an eye opener for other firms, which have plans to hit the capital market, to reconsider their pricing strategy. They said the tepid response is particularly worrisome considering the fact Adani Power listing was the biggest in terms of amount it raised through IPO (Rs 3,016 crore) in the last 18 months. In muted trade, shares of Adani Power even dipped 1.50 percent below its issue price at Rs 98.50 on the Bombay Stock Exchange during intra-day trade. However, the scrip recovered some grounds and managed to close the day at Rs 100.05, up by a marginal 0.05 percent. "This should act as a wake up call for promoters who go for aggressive pricing of their public offers. The tepid response today would be a discomfort for investors who had borrowed funds to invest in the IPO," SMC Capitals Equity Head Jagannadham Thunuguntla said. Other firms planning to launch public offer should bring the price band at such levels that should leave some leverage for investors to make money, Thunuguntla said. On the National Stock Exchange, Adani Power witnessed similar movement and the scrip closed at Rs 100.10. After opening with eight percent gains in the morning trade, the scrip had dipped to a low Rs 98.30.