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Shares of Macrotech Developers, also known as Lodha Developers, fell as much as 13 per cent on their stock market debut on Monday, before recouping half of the losses and settling at Rs 458, down Rs 28 or 5.8 per cent. It touched a low of Rs 423 and a high of Rs 478 on the NSE, where Rs 20,484 crore worth of shares changed hands. The poor listing comes amid weakness in the secondary market because of the rise in Covid-19 infections and lockdown measures imposed in key states. Since Lodha’s Rs 2,500-crore IPO closed on April 9, the Sensex has declined by 3.3 per cent. Also, the investor response to Lodha’s IPO was lukewarm with the issue garnering just 1.4 times subscription. The retail and employee portion of the issue had managed to garner just 40 per cent and 17 per cent subscription, respectively.
New Delhi: Specialty restaurant chain Barbeque Nation Hospitality made a tepid debut on Dalal Street on Wednesday, listing at a 2 per cent discount. But the scrip has surged about 48 per cent post listing.
On Thursday, the stock hit the upper circuit, surging 20 per cent to Rs 708.45. It had hit the 20 per cent upper circuit on the day of listing as well. The scrip was listed at Rs 492 on BSE against the issue price of Rs 500.
Barbeque Nation Hospitality owns and operates casual dining restaurant chain Barbeque Nation Restaurants and International Barbeque Nation Restaurants. It also owns and operates Toscano Restaurants and You and Barbeque.
NEW DELHI: The second-largest real estate sector initial public offering (IPO) in India opened on Wednesday. Macrotech Developers aims to raise Rs 2,500 crore via the issue, mostly to pay off part of its debt.
Analysts are mixed on the issue with some counting superior return ratios as positives while others raising questions over its huge debt and negative cash flow. The grey market premium for the issue has also vanished.
“We also expect listing gains will be very limited in this IPO. We also have some investment concerns for the IPO, with the firm having a net debt of Rs 16,700 crore as of December 2020, any downturn in industry may affect the company significantly,” said Yash Gupta, Equity Research Associate, Angel Broking.