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New issues lose steam: CSB Bank, Ujjivan Small Finance Bank down up to 21% after listing

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After a bumper listing, shares of new issues CSB Bank and Ujjivan Small Finance Bank are losing some of their steam. CSB Bank shares are down to Rs 235.75, down 21% from their listing price of Rs 299, while Ujjivan Small Finance Bank shares closed at Rs 52.05 on Friday, down more than 10% from their listing price of Rs 58 on BSE. Ujjivan Small Finance Bank had listed on the bourses on Dec 12th. The stock made a stellar debut on Thursday morning following a blockbuster IPO. Ujjivan Small Finance Bank shares soared to Rs 62.20 on BSE, implying a premium of 70% to issue price of Rs 37. The stock listed at Rs 58 on BSE, implying a premium of more than 56% to issue price. Earlier,  the firm saw a blockbuster IPO as the issue was subscribed as many as 170 times, making it one of the most subscribed IPOs in the last few years in India's primary market.

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CSB Bank shares had listed at a 41% premium to issue price at Rs 275 on December 4th. CSB Bank shares soared after making a debut to Rs 299 on NSE, or 54% higher as compared to the issue price of Rs 195. CSB Bank IPO had seen strong subscription across the segments. Retail investors bid for a total of 9.20 crore shares as against the 20.29 lakh shares reserved for them, implying a demand of more than 44 times. The non-institutional investors (NII) portion saw the highest demand, with thir portion being subscribed 165 times. The QIBs bid for a total of 39.18 crore, as against the 63 lakh shares reserved in this category, implying a subscription of 165 times. The IPO had concluded on November 29th.

Interestingly, shares of PSU railway firm IRCTC are trading above their listing price. IRCTC shares closed at Rs 890.40 on BSE, up 38% from its listing price of Rs 644 on BSE. The shares had listed at a 129% premium to IPO price of Rs 320. Notably, IRCTC IPO got a stellar response, getting subscribed by 112 times, making it the most subscribed PSU issue ever. The Rs 645 crore IPO saw bids worth more than Rs 72,000 crore in October this year.