IPO wrap: Hexaware Technologies and 3 other SME IPO listings disappoint investors, allotment awaited in three issues and more

With no initial public offerings (IPO) open for bidding on Wednesday, February 19, all eyes were on the four new listings on stock exchanges today. In a major disappointment for primary market investors, none of these four stocks managed to make an impactful debut.

Despite grappling with weak sentiment prevailing in the stock market, investors are now pinning hopes on the three IPOs that will announce the finalisation of share allotment status today.

Let’s take a look at all the major developments in the IPO market on Wednesday, February 19:

Listing of four new stocks

Shares of four companies—Hexaware Technologies Ltd, Maxvolt Energy Industries Ltd, Voler Car Ltd and PS Raj Steels—made a tepid debut on stock exchanges today.

Hexaware Technologies was a mainboard IPO, while others belonged to the small and medium enterprise (SME) group. The four IPOs were open for bidding from February 12 to February 14.

Hexaware Technologies shares were listed at a 5.3% premium on the NSE. The stock opened at ₹745.5 apiece as against its issue price of ₹708. The ₹8,750-crore Hexaware Technologies IPO was oversubscribed 2.66 times.

In the SME group, Maxvolt Energy Industries shares opened flat at ₹180 apiece on the NSE Emerge platform, unchanged from their issue price. Soon after listing, the stock marginally increased to hit an intraday high of ₹182.05 apiece. The ₹54-crore IPO of Maxvolt Energy was booked 2.4 times.

Shares of PS Raj Steels Ltd, meanwhile, were listed at a 3.57% premium on the NSE Emerge platform. The stock opened the session at ₹145 apiece compared to the issue price of ₹140. Within minutes of listing, the share price rose another 2% to hit the day’s high of ₹147.9 apiece. The ₹28.28-crore PS Raj Steels IPO was overbought 9.8 times.

Lastly, shares of Voler Car were listed at ₹90 apiece, which was the same as its issue price. After opening, the stock rose marginally to hit an intra-day high of ₹93. However, the stock later fell sharply, dropping nearly 5% to hit the lower circuit at ₹85.5. The ₹27-crore Voler Car IPO was oversubscribed 8.9 times.

Allotment in three issues

Investors are now waiting for the finalisation of share allotment in three issues today: Quality Power Ltd, Tejas Cargo India Ltd and Royalarc Electrodes Ltd. The issues were open for bidding from February 14 to February 18.

The ₹858.7-crore mainboard IPO of Quality Power Electrical Equipments Ltd was subscribed just 1.29 times during the three-day bidding window. Investors who applied for the public issue can check finalisation details on the websites of NSE, BSE and MUFG Intime India Pvt Ltd (formerly Link Intime India Pvt Ltd). Quality Power shares are scheduled to be listed on BSE and NSE on February 21.

The ₹105.84-crore SME IPO of Tejas Cargo India was also subscribed just 1.22 times. Investors can check the allotment status on the websites of NSE and or the issue’s registrar Bigshare Services Pvt Ltd. Shares of Tejas Cargo are scheduled to be listed on the NSE Emerge platform on February 24.

The ₹36-crore SME IPO of Royalarc Electrodes was subscribed 1.1 times at the end of the bidding period. Investors can check the IPO allotment status on the websites of NSE, or Kfin Technologies Ltd. Shares of Royalarc Electrodes are scheduled to be listed on the NSE Emerge platform on February 21.