The Bombay Stock Exchange, Asia's oldest stock exchange
founded in 1875, saw dismal participation from investors on the first day of
its IPO. Barring retail participation, the issue saw negligible bids coming in
from Corporates and no participation from FIIs, DFIs or Mutual Funds. This
speaks volumes about the issue quality. Coming shortly within the
demonetization exercise, the issue should have seen better participation atleast
from the domestic players. However, apart from a measly 1,000 odd shares none
of the domestic or foreign players found the issue alluring.
There are still
good chances that the issue may witness last-minute participation from “motivated
players” and get filled up as happened with other downbeat issues. However, investors
looking to hold the stock over the long term need to be tread very carefully. “Motivated
players” interested in the issue due to extraneous reasons can get demotivated
very easily and jump to other issues.
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