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Majority of new cos yield good returns this year; gain up to 21%

twitter-logo PTI        Last Updated: April 29, 2019  | 17:03 IST

New Delhi, Apr 29 (PTI) A majority of the newly-listed companies are trading well above their issue price, giving investors returns of up to 21 per cent this year. Since the start of 2019, as many as six companies have got listed on the bourses. Of this, five firms are trading above their issue price, fixed after their initial public offerings, as per an analysis of the performance of the new listings showed. Among the new entrants, Rail Vikas Nigam Limited, which got listed on April 11, has seen the biggest rally in its scrip, which jumped 21.31 per cent from its initial public offer (IPO) price on the NSE. Wires and cables manufacturer Polycab India, whose scrip debuted on April 16, zoomed 19.94 per cent as compared to its issue price. The scrip of Chalet Hotels climbed 14.64 per cent and those of Xelpmoc Design and Tech Limited rose by 7.57 per cent against the price at which they had issued shares to investors. Both the companies had made their market debut earlier in February this year. Xelpmoc Design and Tech Ltd is a provider of professional and technical consulting services, offering technology services and end-to-end technology solutions and support. Market analysts said that price band of the offers as also the overall trend in market play key role in the success of isssue. Besides, the scrip of Metropolis Healthcare gained 6.82 per cent from its issue price after getting listed on April 15. MSTC is the only firm to take a hit in its share price, falling 11.66 per cent since its listing on March 29. MSTC's initial share sale was extended and also its price band was revised. Meanwhile, Neogen Chemicals, which concluded its initial public offer on Friday, is yet to list its shares on the bourses. In the broader market, the NSE Nifty has zoomed 8.23 per cent so far this year. PTI SUM BAL

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