How did Tarsons Products list on Friday in the midst of such weak and volatile market conditions?
Answer
Answer
On a rather weak and volatile day when the Sensex lost close to 1,700 points in a single day, the listing of Tarsons Products was flat with a mildly positive bias. The listing was at a premium of 3.02%, but then the price picked up during the day and closed the day at the 20% upper circuit of Rs.818.40. This was the story on the NSE and the BSE. On both the exchanges the stock scaled the 20% upper circuit after listing at a small premium.
The IPO price of Tarsons Products was fixed at the upper end of the price band of Rs.635 to Rs.662. On 26th Nov, it listed on NSE at Rs.682, while on the BSE Tarsons Products listed at Rs.700. On both the stock exchanges, the stock closed at the highest point of the day i.e. at Rs.818.40 on the NSE ad at Rs.840 on the BSE. Stocks are given a leeway of 20% from the price of listing on the stock exchanges, which is distinct from the IPO price.
Tarsons Products traded a total of 134.12 lakh shares on NSE worth Rs.1,025.28 crore on the day of listing. Tarsons Products happened to be the 15th most active share on NSE in terms of traded value or turnover as it is called. On the BSE, the stock traded 26.30 lakh shares worth Rs.211.33 crore and was the second most active stock in trading value on BSE. Tarsons had a market capitalization of Rs.4,469.33 crore at the close of Day-1 of listing.