Another myth exploded
It was sure to get listed at around 800 - 900 levels or even at 1000. And so, “All roads lead to Rome” became “All money into Reliance Power IPO”. After all, it was a hugely successful IPO with a record breaking number of share holders. Only those who applied for the entire lot of 215 would get allotment and that too the minimum lot of 15 shares.
And those who got the allotment of 15 shares (including yours truly) were on cloud nine or should we say cloud 15, eagerly awaiting 11th Feb when the stock will get listed.
Even though the market was bearish, there was this huge hope that the Ambani magic will certainly prevail and the stock will get listed at a decent premium. “After all, they have a huge reputation to protect”, so thought the media and investors alike.
Although it got listed this morning at 530, it did not stay there long and slowly but steadily it began its march southwards and at the close was 373, down Rs.57 from the retail issue price. For the statistical oriented folks, this meant an erosion of 13.25% for those poor allottees. And all the doomsayers are sending emails and sms in droves with a message “I said so”.
One positive fallout of this listing mess is that the Reliance Infratel IPO which was scheduled to hit the markets shortly, will perhaps be withdrawn or be soberly priced!!
The hardest hit will be those people who rented demat accounts for fancy rates (3000/-) hoping to make huge profits on listing!!
