While Shyam listed on an optimistic note, Sona BLW witnessed a tepid opening but unexpectedly picked up pace towards the trading close.
Blackstone-backed Sona BLW was listed at Rs 302.40 on BSE, a 3.92 per cent premium over its issue price of Rs 291. The stock however ended at Rs 362.85, a 24.69 per cent higher than the offer price. The Rs 5,550 crore offer of Sona BLW was subscribed 2.33 times last week.
Shyam Metalics and Energy got listed at Rs 380, a 24.18 per cent premium over its issue price of Rs 306 and ended at Rs 375.85, at 22.83 per cent premium to offer price. Shyam’s Rs 909-crore IPO was subscribed 121 times.
While most analysts expected 20-25 per cent listing gains in Shyam Metalics, Sona BLW’s performance on day one on the bourses came as a surprise as the stock was trading at a grey market premium of just Rs 5 per share.
“We like Sona BLW given its presence in the fast-growing global electric vehicle market, diversified portfolio across categories and robust financials,” said Hemang Jani, head equity strategist, Motilal Oswal Financial Services. “Though the valuation at 74 times appears fully priced in, given its thrust in fast-evolving EV space both in India and globally, the market would like to give premium to such emerging growth story.”
The market capitalisation of Sona BLW stood at Rs 21,165 crore on Thursday, the third biggest in the sector. The market value of Motherson Sumi and Bharat Forge are at Rs 74,554 crore and Rs 34,275 crore respectively.
Shyam Metalics has a market capitalisation of Rs 9,587 crore.