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IPO Outlook: 
Bang Overseas, Shriram EPC Decline
Author: 123jump.com Staff
123jump.com
Last Update: 2:04 PM EST February 20 2008

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In volatile trading two newly prices offerings closed below their offer prices. Apparel maker Bang Overseas priced 3.5 million shares at 207 rupees and closed at 171 rupees. Wind turbine developer Shriram EPC priced 5 million shares at 300 rupees and closed at 293.60 rupees. Rural Electrification IPO was oversubscribed by 2.7 times from its offer size on the second day of book building.

 
New Issues

New issue Bang Overseas was the most active stock on the BSE recording a turnover of 326.50 crore rupees. The apparel maker Bang Overseas priced 3.5 million shares at 207 rupees and traded down to close at 171 rupees. The stock traded as high as 260 rupees and as low as 167 rupees with a trading volume of 17 million shares.

Wind turbine maker Shriram EPC priced its 5 million share offering at 300 rupees and closed at 293.60 rupees. The stock traded as high as 374 rupees and as low as 281 rupees during the day with a turnover of 1 crore shares (10 million). Kotak Mahindra and ICICI securities were the lead managers of the issue.
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