How was the listing of Vedant Fashions stock on Wednesday 16th February?
Answer
Answer
Vedant Fashions had a strong listing on 16th February 2022 at a price of Rs.935 on the NSE against the issue price of Rs.866, indicating a premium on listing of 7.91%. This was extremely good considering the prevailing market conditions. During the day, the stock surged near the Rs.1,000 mark but failed to hold on to gains. While the closing was near the listing price, it was still at a strong premium to the issue price of Rs.866.
It may be recollected that the IPO price for Vedant Fashions had been fixed at the upper end of the band of Rs.866 despite a rather tepid subscription of just about 2.57 times overall. In fact, the retail portion had been subscribed just 39%. On Feb-21, Vedant Fashions listed at a premium of 7.91% to issue price on the NSE and at a premium of 8.08% on the BSE. Vedant closed at Rs.943.05 on the NSE and at Rs.934.85 on the BSE.
On the day of listing, Vedant Fashions scaled to a high of Rs.992.70 on the NSE and a low of Rs.920. On the BSE, Vedant Fashions touched a high of Rs.993.00 and a low of Rs.921.00. losing quite a bit of value from the high point of the day. At the close of Day-1 of listing, Vedant Fashions reported market capitalization of Rs.27,688 crore with free-float market cap of Rs.2,495 crore. Overall, in price terms, it was a better than expected listing.
The stock of Vedant Fashions was heavily traded on both the exchanges. Vedant Fashions stock traded a total of 197.55 lakh shares on NSE worth Rs.1,874.32 crore. Incidentally, on Wednesday, Vedant Fashions was the second most active stock in terms of traded value on NSE. On the BSE< the stock traded 8.21 lakh shares worth Rs.77.91 crore. It happened to be the fourth most active stock on the BSE in terms of the traded value on the stock exchange.