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Angel Broking: Shares may list at 6-7% discount amid weakening IPO sentiment

The issue received bids for 5,42,64,854 shares against 1,37,70,491 shares on offer, translating into 3.94 times subscription. The IPO was of a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore

twitter-logoBusinessToday.In | October 5, 2020 | Updated 09:46 IST
Angel Broking: Shares may list at 6-7% discount amid weakening IPO sentiment

Angel Broking shares are expected to be listed on Monday at a discount of 6-7 per cent to the issue price of Rs 306 on exchanges. The initial public offering (IPO) of the brokerage was sold from September 22 to 24. The issue received bids for 5,42,64,854 shares against 1,37,70,491 shares on offer, translating into 3.94 times subscription.

Category meant for qualified institutional buyers was subscribed 5.74 times, non institutional institutional investors 69 and retail individual investors 4.31 times. The IPO was of a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore.

The stocks of Chemcon Speciality Chemicals and Computer Management Services (CAMS) failed to hang on to the listing gains. On Thursday, Chemcon Speciality Chemicals stuck at a 20 per cent lower circuit limit after 115 per cent listing gains, CAMS ended at 13.95 per cent premium over the issue price, after a listing gain of 23 per cent.

Also read: CAMS raises Rs 667 crore from anchor investors ahead of IPO

While Chemcon was subscribed 149 times, CAMS was subscribed 46.99 times. "The IPO did not receive as high a subscription as Chemcon and CAMS. With the latter two seeing profit booking in the second half of Thursday's trade and global sentiment taking a beating on US President Donald Trump's Covid news, the demand for Angel Broking has tapered off quite a bit," The Economic Times reported citing Dinesh Gupta of Unlisted Zone. Gupta suggests a discount of  6.53 per cent to the issue price of Rs 306.

Also read: Also read: UTI AMC to launch IPO on September 29; SBI, LIC, T Rowe to sell stake

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