8/12 IPO issues rule below listing price

The prices of eight shares from among 12 initial public offerings that hit the market after January 2004 are ruling below their listing price.

However nine of the 12 scrips still command a premium to their issue price.

The share price of TV Today Network, which got listed at Rs 181.35 on January 16, has fallen by 41.6 per cent to Rs 105.90 on August 25. However, it is still trading at a 11.47 per cent premium to its issue price of Rs 95 per share.

Bank of Maharashtra's share price has declined by 40.82 per cent from the listing price of Rs 38.95 on April 12 to Rs 23.05 on August 25. Shares of Surya Pharmaceuticals which listed at Rs 51.15 on January 21 are now trading 21.41 per cent lower at Rs 40.20, lower than its issue price of Rs 45 per share.

Datamatics Technologies' share price has moved down from Rs 164.85 on listing on May 7 to Rs 136.30 on August 25. However, the shares still command a 24 per cent premium to its issue price of Rs 110 per share.

The other four stocks which are trading below their listing price are, Dishman Pharmaceuticals (15.15 per cent), Four Soft (14.56 per cent), Ramkrishna Forgings (12.5 per cent) and NDTV (11.92 per cent).

The stocks which are trading above their listing price includes, Petronet LNG (67 per cent premium to the listing price), Patni Computer (33.7 per cent), Power Trading Corporation (18.8 per cent) and Biocon (4 per cent).

Interestingly, out of the 12 IPOs, nine stocks still command a premium ranging between 11.5 per cent and 232 per cent to their issue prices.

Power Trading Corporation (PTC), tops the list with a 232 per cent premium to the issue price of Rs 16 per share. Its shares currently trade at Rs 53.05. PTC's shares were listed at Rs 44.65 per share, commanding a 179 per cent premium to the issue price.

At today's closing price of Rs 459.90, Dishman Pharmaceuticals ranks second with a premium of 163 per cent. Dishman offered shares to the public at a price of Rs 175 per share.

However, its premium came down from 210 per cent at the time of listing to 163 per cent now. The shares got listed at Rs 542 per share on April 22.

Ramkrishna Forgings trades at a 67 per cent premium and thus ranks third in the list. Compared to its issue price of Rs 20 per share, the shares are now trading at Rs 33.45.

At Rs 24.50, Petronet LNG commands a premium of 63.30 per cent to its issue price though its shares listed below the issue price, at Rs 14.65 on March 26.

Kiran Mazumdar-Shaw-controlled Biocon, commands a premium of 60 per cent to its offer price of Rs 315 per share. The Biocon shares now trade at Rs 503.65.