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With investors hoping to make quick money on listing day, several newly listed companies are trading far below their listing price. Brokers said that with most investors looking to book quick profits on their IPO allotments, the market is awash with supply and very few buyers.

Shares of Gitanjali Gems, GVK Power and Infrastructure and Jagran Prakashan have been under-performers since they made their debut on the bourses. The Gitanjali Gems IPO was priced at Rs 170-195 and is currently trading at Rs 168.35. The stock touched its highest and lowest price of Rs 220 and Rs 164.10 respectively on March 10.

Subsequently, IPO investors have been pushing to sell the stock, but with hardly any buyers at the counter, the stock has been floundering, according to dealers.

K Sera Sera, which came out with seasoned offering, also fits in this category. It fixed the price band at Rs 64-70. The stock, which touched its 52-week high of Rs 107.20 on March 11, closed trade on Monday at Rs 56.45.

This counter also witnessed large number of sellers and very few buyers. Over 5.8 lakh shares were traded on the BSE today.

Veena Venugopal

More Stories on : IPOs | Stock Markets | Ear to the ground

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