Devyani International share price: LISTING DONE! Stock corrects 13% after strong debut on Day 1! What should investors do now? Anil Singhvi advises THIS
Earlier in the day, Zee Business Managing Editor Anil Singhvi had estimated the listing price between Rs 140 and Rs 160, which was bang on the target. His advice to long term investors is to stay with the stock. The long term targets are between RS 175 and Rs 200. For short term investors or those looking for listing gains, the stop loss is Rs 125
The stock of Devyani International Limited was listed today at Rs 140.90 at a premium of almost 56 per cent. The listing gains were significant and in line with the expectations. For all the investors who have been allotted this share, there was an opportunity to book profits. The stock has corrected by 12.52 per cent and is trading down by Rs 16.90 from the listing price.
The stock was trading at Rs 122.75 on the NSE at around closing time. The intraday low for this stock was Rs 120.80.
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The total volumes that traded around this time stood at 14,50,05,504 shares, with traded value amounting to 1,896.81 cr.
Earlier in the day, Zee Business Managing Editor Anil Singhvi had estimated the listing price between Rs 140 and Rs 160, which was bang on the target. His advice to long term investors is to stay with the stock. The long term targets are between RS 175 and Rs 200. For short term investors or those looking for listing gains, the stop loss is Rs 125.
The investors must trail the stop loss according to the movement in the stock, Singhvi said. He had put the stop loss Rs 10 shy of the trading price.
The IPO issue ended on August 6, 2021. Check the status via BSE and the IPO registrar link online.
The allotment of shares was done last week.
The IPO was subscribed 116.71 times over the three-day period. The response form Retail Individual Investors (RIIs) was also strong as they subscribed this issue 39.52 times. The non-institutional investors subscribed it 213.06 times while the Qualified Institutional Buyers (QIBs) subscribed the issue 95.27 times on the NSE. On the BSE, RIIs subscribed 19.19 times, non-institutional investors subscribed the issue 58.66 times while the QIBs subscribed the issue 39.81 times.
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#DevyaniInternational की भी लिस्टिंग आज
— Zee Business (@ZeeBusiness) August 16, 2021
The company operates quick service restaurants like Costa Coffee, KFC and Pizza Hut.
The company planned to raise Rs 1838 cr through this issue. The IPO comprised of a fresh issue of up to Rs 440 cr and an Offer for Sale (OFS) of up to 155,333,330 equity shares. The RIIs were allocated 10 per cent of the overall shares available for subscription. For QIBs, 75 per cent of the entire issue was reserved while for NIIs, 15 per cent shares have been allocated.
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