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<ul><li>The stock listed at ₹479 as compared to its IPO price of ₹505 per share.</li><li>Its market capitalisation is at ₹1,966 crore as per Bombay Stock Exchange.</li><li>Grey market lowered its expectations to 7% listing gains from 15% it had during the subscription period. </li></ul>The stock of city gas distribution company <keyword id="16660153" type="General" weightage="20" keywordseo="irm-energy" source="Orion">IRM Energy</keyword> debuted at a discount of 5% on Thursday morning contrary to expectations of listing gains. The stock listed at ₹479 as compared to its IPO price of ₹505 per share. Through the day, the stock was impacted by negative sentiment on the stock markets. IRM Energy closed 6.3% below its issue price on its debut day. The benchmark indices were on a free fall with Sensex losing 900 points, and Nifty slipping by 264 points. Its market capitalisation is at ₹1,966 crore as per Bombay Stock Exchange. The grey market had pegged listing gains to the tune of 7%, as of Thursday morning. The unofficial market where shares are traded before listing, had tempered its expectations from the stock as at the time of subscription it was expecting 15% listing gains. IRM Energy’s initial public offer was subscribed 27 times over the shares on offer, with good interest from institutional investors. It is noteworthy that barring Updater Services and Yatra Online, most stocks in recent times have debuted with strong listing gains, with a few exceeding grey market expectations by a large margin as well. However, IRM Energy joined the ranks of a rare few that have missed the mark in recent times. Here are the listing gains from the last few market debuts. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing gains </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Plaza Wires </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48% </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Updater Services </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.3% </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Infra </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">28.5% </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yatra Online </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4% </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Signature Global </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% </td></tr></tbody><tbody></tbody></table> About IRM Energy IRM Energy is a city gas distribution company, engaged in the business of laying, building, operating and expanding the city or local natural gas distribution network. It aims to raise as much as ₹545.4 crore at the upper end of the price band. It has fixed a price band of ₹480-505 per equity share. Investors can bid for a minimum of 29 equity shares and in multiples of 29 equity shares thereafter. The issue is an entirely fresh issue with no offer for sale portion. It intends to use the net proceeds to fund capex to develop the city gas network in Namakkal and Tiruchirappalli, loan payments and general corporate purposes. In FY23, the company’s revenues almost doubled to ₹1,039 crore as compared to the year before. Its net profit went up 35 percent to ₹26.9 crore. Some of its listed peers include Gujarat Gas, Indraprastha Gas, Mahanagar Gas and Adani Total Gas. Its dependence on third parties to source and transport gas, the hazardous nature of the business and the many licences involved in the business have been quoted as risk factors in the DRHP. “IRM Energy IPO offers investors an opportunity to invest in a growing and emerging player in the city gas distribution segment., backed by Cadila Pharmaceuticals. Exclusive CNG and PNG rights, expansion plans, and a diverse customer base drive operational efficiency. IRMEL's vertical integration into renewables and strategic investments show foresight,” said Prashanth Tapse, senior VP of research at Mehta Equities who recommends investors to subscribe it for the long-term. However, Choice Broking said that at the higher end of its price band, its price to earnings multiple is at a premium to its adjusted peer average. “The issue seems to be fully priced considering its subdued profitability and return ratios. We assign a ‘subscribe with caution’ rating for the issue, it added.

IRM Energy closes 6% below issue price on debut day

<ul><li>Non-institutional and retail investors showed good interest in the public issue.</li><li>The company raised ₹160.35 crore from anchor investors like Quant MF, SBI General Insurance and more.</li><li>It plans to use net proceeds to fund capex, loan payments and general corporate purposes. </li></ul>The initial public offer (IPO) of city gas distribution company <keyword id="16660153" type="General" weightage="20" keywordseo="irm-energy" source="Orion">IRM Energy</keyword> was subscribed 75% by the end of the first day of the offer. The IPO will close on October 20. Retail investors showed good interest in the IPO as this portion was subscribed 85%. While the non-institutional investor (NII) portion was subscribed 1.5 times, no bids were received from qualified institutional buyers (QIBs). The company raised as much as ₹160.35 crore from anchor investors like Quant MF, SBI General Insurance, HDFC Life, DSP MF, BOI MF, Nippon AIF and PNB Metlife before it was opened to the public. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of times subscribed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers (QIBs) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non Institutional Investors (NIIs) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.57 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Individual Investors (RIIs) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.85 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.75 </td></tr></tbody></table>Source: BSE About the issue IRM Energy is a city gas distribution company, engaged in the business of laying, building, operating and expanding the city or local natural gas distribution network. It aims to raise as much as ₹545.4 crore at the upper end of the price band. It has fixed a price band of ₹480-505 per equity share. Investors can bid for a minimum of 29 equity shares and in multiples of 29 equity shares thereafter. The issue is an entirely fresh issue with no offer for sale portion. It intends to use the net proceeds to fund capex to develop the city gas network in Namakkal and Tiruchirappalli, loan payments and general corporate purposes. In FY23, the company’s revenues almost doubled to ₹1,039 crore as compared to the year before. Its net profit went up 35 percent to ₹26.9 crore. Some of its listed peers include Gujarat Gas, Indraprastha Gas, Mahanagar Gas and Adani Total Gas. Its dependence on third parties to source and transport gas, the hazardous nature of the business and the many licences involved in the business have been quoted as risk factors in the DRHP. “IRM Energy IPO offers investors an opportunity to invest in a growing and emerging player in the city gas distribution segment., backed by Cadila Pharmaceuticals. Exclusive CNG and PNG rights, expansion plans, and a diverse customer base drive operational efficiency. IRMEL's vertical integration into renewables and strategic investments show foresight,” said Prashanth Tapse, senior VP of research at Mehta Equities who recommends investors to subscribe it for the long-term. However, Choice Broking said that at the higher end of its price band, its price to earnings multiple is at a premium to its adjusted peer average. “The issue seems to be fully priced considering its subdued profitability and return ratios. We assign a ‘subscribe with caution’ rating for the issue, it added. The grey market is expecting 15% listing gains from the stock.

IRM Energy IPO subscribed 75% on day 1 with good retail interest

<ul><li>The stock listed at ₹71.9 as compared to its issue price of ₹60.</li><li>The issue was subscribed 73x with good interest from institutional investors.</li><li>It intends to use the net proceeds to augment its tier-1 capital base and more. </li></ul>ESAF Small Finance Bank made its D-street debut at a 20% premium on Friday. This is lower than what the grey market had predicted, which was expecting 33% listing gains. The stock closed at ₹69.05 per share, slightly below its listing price, ending at a premium of 15.08% over the IPO price. The stock listed at ₹71.9 per share as compared to its issue price of ₹60. Its market cap is ₹3,701 crore according to Bombay Stock Exchange. Prashanth Tapse, senior VP of research at Mehta Equities had pegged the listing gains anywhere between 20-30%. “We believe the premium listing is justified on the back of investor friendly pricing and reasonably IPO valuations when compared to peers. Hence we recommend allotted investors to look for booking profits and post listing we expect limited upside,” he added. The ₹463 crore issue was subscribed 73 times the shares on offer with outsized interest from qualified institutional buyers (QIBs). This quota was subscribed a whopping 173 times. It also received good interest from non-institutional and retail investors. It has raised ₹135.15 crore from anchor investors, like BNP Paribas Arbitrage, Kotak Mahindra Life Insurance, Edelweiss Tokio Life Insurance, ICICI Prudential Life Insurance and more. The listing performance of recent D-street debuts have been mixed. The last issue to list Mamaearth parent Honasa Consumer gave muted 4% listing gains but Cello World gave a good 22% gains. Here are the listing gains of the last few market debuts <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><thead><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Company </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Listing gains </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Honasa Consumer </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">4% </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Cello World </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">22% </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Blue Jet Healthcare </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">14.4% </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">IRM Energy </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-5% </th></tr></thead><tbody><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Plaza Wires </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48% </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Updater Services </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.3% </td></tr></tbody><tbody></tbody></table> ESAF SFB fixed a price band of ₹57-₹60 per equity share for its issue. The IPO is a combination of fresh issue and offer for sale, and intends to use the net proceeds from fresh issue to augment its Tier – I capital base and meet future capital requirements. ESAF SFB has 700 banking outlets, 559 ATMs across 21 states and two union territories. Its primary products include advances and deposits. It mainly focuses on rural and semi-urban banking franchises. It provides MSME loans, agricultural loan business and retail loan business. Its deposits grew from ₹89,994.26 million to ₹146,656.25 million between FY21-23 registering a compounded annual growth rate (CAGR) of 27.66%. Its CASA ratio dropped from 22.84% in FY22 to 21.39% in FY23. Its gross NPA (non performing assets) and net NPA stood at 2.49% and 1.13% respectively in Q1FY24. Despite having a nationwide presence, the bank's primary business operations are concentrated in South India, specifically in the states of Kerala and Tamil Nadu. “As of now, its operations are limited to South India with a lower presence in North India. Hike in RBI’s interest rate will result in compression of NIMs (net interest margins) from current levels. Increase in stress on assets specially on small ticket items will affect the future cash flows which will lead to increase in NPA,” said a report by Religare elucidating its key risks.

ESAF Small Finance Bank lists at 20% premium but below grey market expectations

<ul><li>The stock listed at ₹831 as compared to its IPO price of ₹648.</li><li>The grey market was expecting 25% listing gains from the stock.</li><li>The ₹1,900 crore IPO was subscribed almost 39 times the shares on offer. </li></ul><keyword id="15532259" type="General" weightage="20" keywordseo="cello-world" source="Orion">Cello World</keyword> debuted on the stock exchanges with a 28% premium on Monday, overshooting grey market expectations even if it’s by a small margin. The grey market was expecting 25% listing gains from the stock. During the trading session, it sustained most of its initial gains. The stock closed 22% higher than its issue price. The market cap of the company is at ₹17,636 crore, as per Bombay Stock Exchange. The ₹1,900 crore IPO of consumer goods company Cello World was subscribed almost 39 times the shares on offer. QIBs bid aggressively for the issue as this portion was subscribed 108 times as of Wednesday evening. The non-institutional investor (NII) portion was subscribed 24 times. Its retail portion was subscribed thrice over. The price band has been fixed at ₹617 to ₹648. The last few companies that debuted on the stock exchanges have given fairly positive listing returns, barring a few. Here are the listing gains of the last few market debuts <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><thead><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Company </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Listing gains </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Blue Jet Healthcare </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">14.4% </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">IRM Energy </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-5% </th></tr></thead><tbody><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Plaza Wires </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48% </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Updater Services </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.3% </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Infra </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">28.5% </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yatra </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Company has a dominant market position say analysts The company manufactures, distributes and sells a wide range of products like drinkware, insulated ware, dinnerware, serveware, and glassware across India. It has products across categories like cleaning supplies, stationery, small kitchen appliances, moulded furniture, and air coolers. “Cello benefits from a distribution advantage due to its large off-take per retailer. Retailers, too, find it advantageous to stock Cello's products due to the comprehensive range, enabling them to fulfill diverse customer demands through a single brand,” says a report by BP Equities. Its main risks include fluctuations in raw material prices like plastic granules and plastic polymer prices etc and their supply chain issues. It also doesn’t own the trademark for its key brands, like ‘Cello’, ‘Unomax’, ‘Kleeno’ and ‘Puro’. Also, one of its competitors also uses the ‘Cello’ brand name for its writing instruments business. The company says that any adverse impact on its brand name due to the actions of competitors may adversely impact its reputation and business. Its margins, profitability depend on maintaining its existing capacity utilisation rate. “Consumer awareness towards safety and quality, shorter replacement cycles, a shift towards the aesthetics of products, loyalty to established brands, increasing disposable income, and nuclearization of families are contributing to the growth of the branded consumer ware market in India,” says a report by Geojit, which gives it a 'Subscribe' rating for the issue on a long-term basis. A report by Choice Broking also believes that the company has a dominant position in the market. “There are growth tailwinds for the sector and CWL is well placed to benefit from the same. But due to a highly priced issue, we are assigning a ‘Subscribe with Caution’ rating for the issue,” it adds.

Cello World stock closes 22% higher than issue price on debut day

<ul><li>The company’s market cap is at ₹6,243 crore as per Bombay Stock Exchange.</li><li>Blue Jet Healthcare’s IPO was subscribed 7.9 times with good institutional interest.</li><li>The grey market was expecting 7% listing gains from the stock. </li></ul> The stock of pharma intermediates manufacturer Blue Jet Healthcare debuted at 4% premium on the bourses on Wednesday. While it registered a positive debut, the listing gains are below grey market expectations of 7% premium. The stock listed at ₹359 as compared to the issue price of ₹346. It however picked up during the trading session, giving its IPO investors a 14.4% listing gains. The company’s market capitalization is at ₹6,243 crore as per Bombay Stock Exchange. The ₹840 crore IPO of pharma intermediates manufacturer Blue Jet Healthcare was subscribed 7.9 times. It received good interest from qualified institutional buyers (QIBs) and non-institutional investors. The last few companies which listed on the stock exchange have become a victim of stock market volatility. IRM Energy and Updater Services’ stock slipped around 5% below their listing price on debut day. But most other recent debuts have given positive debuts to their investors. Here are the listing gains of the last few public debuts. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><thead><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Company </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Listing gains </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">IRM Energy </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-5% </th></tr></thead><tbody><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Plaza Wires </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48% </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Updater Services </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.3% </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Infra </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">28.5% </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yatra </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Niche presence impresses analysts The company has fixed the price band at ₹329-346 per equity share for the offer. The IPO is a complete offer-for-sale wherein the company will not receive any proceeds from the sale. The company was incorporated in 1968 as Jet Chemicals, and is promoted by its executive chairman, Akshay Bansarilal Arora. It operates under the Blue Jet brand name and manufactures contrast media intermediates, high-intensity sweeteners, including saccharin, salts and active pharmaceutical ingredients (APIs). It claims to have developed over 100 products with over 40 products commercialised. As of June 30, 2023, it operates three manufacturing facilities, in Shahad, Ambernath, and Mahad in Maharashtra. Analysts believe that Blue Jet Healthcare’s presence in niche categories have high entry barriers. They are also impressed with its product development and process optimisation capabilities. It also has established relationships and multi-year contracts with multinational clients, not only for long-term supply agreements but also to handle warehousing and logistics. “At the upper price band, the company is valued at P/E of 34x, with a market cap of ₹6,001 crore post issue of equity shares. We believe that valuations of the company is fairly priced and recommend a ‘subscribe- long term’ rating to the IPO,” said Anand Rathi. Rajan Shinde, research analyst at Mehta Equities is of the opinion that the issue is fully priced. “However, Blue Jet's unique niche product segment and lack of immediate peers might attract demand based on a first-mover advantage, potentially leading to significant listing gains. While the 100% offer for sale (OFS) is a concern for new investors, Mehta Equities recommends subscribing to the Blue Jet IPO with a risk perspective, expecting decent listing gains,” he added.

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