IPO Listing Today: Snapdeal, Orient Cables, German Green Steel & Runwal Enterprises Make Market Debut

Four mainboard IPOs made their debut on the BSE and NSE on Monday, October 5, with Orient Cables IPO topping the charts by being the strongest performer in the lot after listing at a premium of nearly 65%. German Green Steel & Power made a modestly positive debut, while Runwal Enterprises opened almost flat. AceVector, the listed entity of Snapdeal, had a weak listing, opening more than 11% below its upper issue price.

All the four companies raised around Rs. 1,775.90 crore through their IPO. Here is how the four IPOs performed on their listing day:

Orient Cables IPO Listing Today

Orient Cables (India) shares made the strongest debut among the four IPOs. The stock opened at Rs. 448.10 on the BSE, up by 64.74% from the IPO price band of Rs. 258-272 over the upper end of the price band. On the NSE, the stock opened at Rs. 450.

The IPO's grey market premium before listing was Rs.121 and about 44% gains were expected. However the IPO success fully beat the expectation by listing way above the GMP.

The Rs. 552-crore Orient Cables IPO comprised a fresh issue of Rs. 320 crore and an offer for sale (OFS) of Rs. 232 crore by promoter Nagpal family members and family trusts. The IPO had a lot size of 55 shares and received strong investor interest, with total subscription of around 92 times. QIBs subscribed 182.76 times, NIIs 115.63 times and retail investors 30.55 times.

German Green Steel & Power IPO

German Green Steel & Power shares made a modest positive debut, opening at Rs. 143.50 on the BSE slightly above the upper IPO price of Rs. 139. With a 3.24% premium over the upper price band. The stock opened at Rs. 142 on the NSE.

The listing gain was below the approximately 9% grey market premium indicated before the debut. The company's IPO raised Rs. 303.90 crore and had a lot size of 107 shares and was subscribed 28.98 times overall.

Runwal Enterprises IPO

Runwal Enterprises made a mostly flat debut on Monday. Its shares opened at Rs. 306 on the BSE, a marginal 0.33% premium over the Rs. 305 upper price band. On the NSE, the stock opened at Rs. 305.

The Mumbai-based real estate developer raised Rs. 500 crore through a fresh issue and it was subscribed 2.50 times overall, while the retail portion was subscribed just 1.12 times.

AceVector (Snapdeal) IPO

AceVector, the listed entity of Snapdeal, had the weakest debut among the four IPOs. The stock opened at an 11% discount at Rs. 28.30 on the BSE and Rs. 28.32 on the NSE, compared with the upper end of its Rs. 30-Rs. 32 price band.

The weak listing was expected since the grey market was already indicating a small premium of around Rs. 1 before listing.

The Rs. 420 crore IPO comprised a fresh issue of Rs. 287 crore and an OFS of Rs. 133 crore. The issue received 4.93 times subscription overall. The NII portion was subscribed 8.16 times, the retail portion 4.62 times and the QIB portion 3.38 times.