Sona BLW Precision Forgings IPO: Stock hits 20% upper circuit after lacklustre listing; Know why Anil Singhvi recommends a 'HOLD' for investors
Sona BLW Precision Forgings IPO: The stocks of Sona BLW Precision Forgings were listed on the BSE and the NSE on Thursday. The listing price was Rs 302.40 on the BSE while it was Rs 301 on the NSE. The price band of this Rs 5,500 crore initial public offering (IPO) was at Rs 285-291 apiece
Sona BLW Precision Forgings IPO: The stocks of Sona BLW Precision Forgings were listed on the BSE and the NSE on Thursday. The listing price was Rs 302.40 on the BSE while it was Rs 301 on the NSE. The price band of this Rs 5,500 crore initial public offering (IPO) was at Rs 285-291 apiece.
However, the share prices picked up later in the day as the stock hit a 20 per cent circuit to close at Rs 362.80 on the BSE, which was also its intraday high. Meanwhile, the Sona BLW Precision shares ended at Rs 361.20 on the NSE, gaining almost 60 points from the listing price.
See Zee Business Live TV Streaming Below:
The three-day Initial Public Offering (IPO) concluded on 16 June. This public issue was subscribed 1.04 times on the NSE as per the information present on the exchange website. The Retail Individual Investors (RIIs) subscribed to this issue 0.66 times over the three-day period. Qualified Institutional Investors or QIBs subscribed to this issue 1.57 times.
Meanwhile, non-institutional investors which include corporates and individuals other than RIIs subscribed Sona BLW IPO issue 0.22 times.
The allotment date mentioned for Sona BLV Precision Forgings IPO shares on KFin Technologies website is 22 June 2021.
Over 10.71 cr shares were offered by the company and the number of bids received for the same were over 11.09 cr.
Sona BLW Precision Forgings IPO - What Anil Singhvi Recommends:
Zee Business Managing Editor Anil Singhvi reiterated his stance saying that this IPO was more suitable for investment purpose and long term investors should eye it. His analysis was spot on as he had estimated a listing price near the issue price of Rs 291. He said that it was difficult to estimate listing price for the issues which are relatively less subscribed.
Watch Zee Business Tweet Video Below:
सोना BLW प्रेसिजन की लिस्टिंग आज
— Zee Business (@ZeeBusiness) June 24, 2021
He recommends a Hold in this stock. He said that the company was good with strong promoters. This company is in an interesting space.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.