Shyam Metalics and Sona Comstar have debuted on the street today. The listing has been on expected lines. Shyam Metalics on the NSE made a good listing at a price of Rs. 380 as against the issue price of issue price of Rs. 306
While the scrip of Sona Comstar made a listing at a price of Rs. 301 on the BSE against its issue price of Rs. 291
As on the final bidding of bidding Shyam Metalics won a huge subscription to the tune of 121.43 times i.e. bids for more than 256.11 crore equity shares as against the offer size of 2.1 crore shares.
Further, bullishness for the steel sector also favoured the scrip of Sona Comstar to make a good listing. The steel prices of the domestic companies are trading at a discount giving steel companies enough room to increase prices.
However, in respect of Sona Comstar it garnered a weak response as it was majorly an OFS from the promoter companies and hence the proceeds will broadly be going to the listed companies and will not be reinvested into the business.