50% of November’s IPOs fell below their issue price amid the market

50% of November’s IPOs fell below their issue price amid the market

The sharp fall in equity markets has pulled half or four of the seven newly listed companies below their respective issue prices, which made their stock market debut in November.

One97 Communications, parent company of digital payments major Paytm, fintech company Fino Payments Bank, auto subsidiary SJS Enterprises, quick service restaurant (QSR) Sapphire Foods are now trading below their respective issue prices.

The S&P BSE IPO index was down 3.7 per cent, compared to a 1.6 per cent decline in the S&P BSE Sensex at 12:40 pm. Fino Payments Bank, SJS Enterprises, Krishna Institute of Medical Sciences (KIMS), PB Fintech (PolicyBazaar’s parent company), Amy Organics, Zomato and Sansera Engineering were down between 6 per cent and 19 per cent on the BSE IPO index. Intra-day trade today.

Individually, One97 Communications (Paytm) shares closed 19 per cent lower at Rs 1,271 on the BSE, a 27 per cent drop on Thursday. With today’s fall, the stock has fallen 41 per cent against its issue price of Rs 2,150 as investors remain cautious on the company’s high valuations and remain skeptical about its business model.

Paytm is India’s leading digital ecosystem for consumers and merchants. The company provides consumers and merchants with easy and inclusive access to technology-led, easy-to-use digital products and services as well as financial services. The company has a huge customer base with strong brand positioning and is an early mover advantage in digital payment services, however it is still a loss making company and very aggressively priced so we saw a weak response in terms of subscriptions.

Fino Payments Bank also closed at Rs 366, down 19 per cent in intra-day trade on BSE today. The stock continued to trade with a decline for the fifth consecutive day. The stock was floated on November 12, 2021 and is down 37 per cent from its issue price. Fino Payments Bank is a fintech company that offers a variety of financial products and services that are primarily digital and focus on payments.

Apart from Fino Payments Bank and SJS Enterprises, a total of seven IPOs listed recently were trading at their lowest levels since their respective listing dates. The list includes Aditya Birla Sun Life Asset Management Company, Cartrade Tech, Chemcon Specialty Chemicals, Shyam Metallics & Energy and Windlass Biotech.

Price in Rs. , date of
company IPO Latest Change listing
Paytm 2150 1333.2 -38.0 November 18,2021
Fino Payments Bank 577 396.9 -31.2 November 12,2021
SJS Enterprises 542 429.7 -20.7 November 15,2021
Sapphire Foods 1180 1165.3 -1.3 November 18,2021
PB Fintech 980 1234.5 26.0 November 15,2021
FSN E-commerce 1125 2101.1 86.8 November 10,2021
Sigachi Industries 163 543.6 233.5 November 15,2021
*Last Price at 01:15 PM on BSE

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