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Closely correlated to the bourses

Nov 29, 2000

Tables have turned. The overall returns for IPOs have improved compared to our previous study (Sep-00). The reason could be attributed to the fact that BSE Sensex moved up from 3,729 points on 27th October 2000 to 3,929 as of 27th November 2000, a gain of 5.3%. Besides, there was some positive news about disinvestments, which triggered sentiment on the bourses. As a result, overall returns have also improved.This months we have increased the number of companies under coverage from 96 to 104. Most of them are media scrips that got listed on the bourses that includes Balaji Telefilms, Tips Industries, Tabassum International. Other companies included in the list are Aztech Software and MRO-TEK Ltd

ParticularsNov-00Oct-00Sep-00Aug-00Jul-00
Companies covered10496787038
Average offer price (Rs) 62 68 84 92146
Average Current price (Rs) 76 79 142 147288
Average rate of return (%)23.1%16.2%69.7%59.2%97.3%
Ratio of gainers to losers0.960.87 2.04 1.841.92

Vantel Technologies continues to head our list of top gainers for the third consecutive month. Against the offer price of Rs 10, the share is quoting at Rs 85, a premium od 750%. Polaris Software has made it into the top five list (the issue price is adjusted for stock split). Except for these, there are no major changes in the gainers list.

Except for Glenmark Pharmaceuticals, other pharma companies like Ajanta Pharma and Elder Pharmaceuticals are big losers. We saw a slew of media companies public issues in the last two months including Tabassum, Tips, Muktha Arts and Balaji Telefilms. Leaving Tabassum International, all other media companies are trading at a reasonable premium to their offer price. Geometric Software Solutions is the surprise in the top losers list.

Company NameOffer Period Offer Price
(Rs)
Current
Price (Rs)
Gain or
Loss(%)
The Toppers
Vantel TechnologiesApr-00 10 82 725%
Kashyap Radiant SystemsAug-99 10 54 440%
Sankhya InfotechMar-00 10 51 409%
Polaris Software*Aug-99 105 520 395%
Cybermate Infotec Feb-99 10 46 362%
Fortune Informatics Sep-99 10 43 326%
Cyberscape MultimediaJul-00 10 36 257%
Sagarsoft IndiaMay-00 20 63 215%
Hughes Software Systems* Oct-99 315 989 214%
Subex SystemsJul-99 75 232 210%
S Kumars.com Nov-99 10 31 207%
Pentagon Global Solutions Feb-00 12 36 198%
Lanco GlobalJul-00 10 28 180%
Indus NetworksJan-00 20 56 179%
Logix MicrosystemsOct-99 20 50 149%
The Laggards
Geometric Software Solutions Feb-00 300 163 -46%
Irmac ServicesMay-00 30 15 -49%
Biopac IndiaApr-00 10 5 -51%
Ajanta Pharma Feb-00 225 110 -51%
Sibar Media and EntertainmentJul-00 10 5 -52%
Telesys Software Feb-00 15 7 -52%
PNB GiltsJul-00 30 14 -55%
KCC SoftwareApr-00 10 5 -55%
Elder Pharmaceuticals Feb-00 110 47 -57%
Helios & Matheson Information Technology Nov-99 50 21 -58%
Fore C Software Mar-00 16 6 -63%
Archana SoftwareApr-00 20 7 -64%
Softpro Systems Mar-00 85 28 -68%
Vintage Cards and Creations Oct-99 225 70 -69%
Omni Ax SoftwareApr-00 15 5 -70%
Simple Average 62 76 23.1%
* Stock-split adjusted
* Prices as on 28/11/2000

The overall returns continue to remain in positive territory (23%). However, the proportion of gainers to losers has improved from 0.86 to 0.96, which means that for one loser there are just 0.96 gainers. This is because , out of the 8 companies added to the list, 6 companies are trading at a premium to their offer price.

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