VR Logo

IPO Watch: Demand Galore

September proved to be another good month for the recently listed stocks. Most of them were able to beat the 6.87 per cent return (for one month period ending September 27, 2006) of the Sensex

September proved to be another good month for the recently listed stocks. Most of them were able to beat the 6.87 per cent return (for one month period ending September 27, 2006) of the Sensex.

The newly-listed Action Construction Equipment has been added to the portfolio of IPO stocks, while BL Kashyap has been dropped. Action Construction, which got listed on September 26, had a ballistic start. The stock was offered to public at a price of Rs 130 and was over-subscribed 33.70 times. But after listing, it zoomed to cross Rs 200 within the first two trading days to appreciate by over 54 per cent. Prior to that, Tech Mahindra also made a fantastic debut on the bourses on August 28, 2006. It had also appreciated by over 50 per cent in the first few days of listing. In the last one month, it has continued to appreciate, to clock total gains of 70 per cent since its listing.

Among others, Gujarat State Petronet, Sasken Communication and Shoppers' Stop gained more than 15 per cent over the one month period ending September 27, 2006, while Jaiprakash Hydro Power and Punjab National Bank also clocked double-digit returns. Indo Tech Transformers, though, disappointed as it lost close to 2 per cent over the same period.