Ninety four equity issues, which collectively tapped Rs 1,354 crore from the Indian public, were reportedly listed on various stock exchanges in the country during the last fiscal. Of them, eight new listings which collected Rs 22 crore from the public are yet to record their maiden quotes even after eight months of listing. The market performance of the balance 86 public issues makes interesting reading. Even though fiscal 1998 was perceived to be one of the worst years in the annals of the Indian capital markets, the market performance of new listings in fiscal 1998 is indeed heartening.

In an otherwise depressed capital market, the aggregate public investment ofRs 1,332 crore in 86 initial public offerings (IPOs) appreciated by a decent 17 per cent to Rs 1,557 crore on listing. On the current price, the 86 IPOs' market value amounts to Rs 1,581 crore which gives a capital appreciation of around 19 per cent over the offer value.

Another encouraging aspect is that of the 86 IPOs, as many as 45 issues that raised Rs 1,121 crore have fetched instant capital appreciation on listing and only 18 of them which collected Rs 117 crore reported a capital loss, the rest being in the "no gain, no loss" category. If one were to take the current market performance of new listings in fiscal 1998, 41 scrips which accounted for a net public issue amount of Rs 783 crore, are still commanding premiums over their offer prices. These 41 IPOs are worth Rs 1,152 crore in the market, which gives an impressive capital appreciation of over 47 per cent on the offer value.

As regards top gainers, new listings from the software industry have taken the number one position in fiscal 1998. BlueInformation Technology, which offered its shares at par, has recorded the highest capital appreciation of 910 per cent on listing, followed by Cybertech Systems -- which was also offered at par -- at 650 per cent, Infotech (offer price Rs 20) at 300 per cent and Sofcon Systems (offer price Rs 10) at 120 per cent.

Pushpanjali Floritech and Parnami Habitat Developers have fetched an appreciation of 440 per cent and 310 per cent on listing over their offer price of Rs 10. Nevertheless, these two scrips have failed to attract any fresh quotes for the last one year. Cybertech Systems has proved to be an exceptional performer even after listing. Its current price of around Rs 236 gives an incredible capital appreciation of over 2,260 per cent!

Infotech Enterprises and Sofcon Systems too have moved up after listing, from Rs 80 to Rs 108 and Rs 23 to Rs 30 respectively. However, Blue Information Technology has declined from the listing price of Rs 101 to Rs 40. Among the post-listing gainers, the notable ones areOffshore Finvest which got listed at a discounted rate of Rs 7.70, but has now moved up to Rs 29.70 and Kolar Securities, which has shot up to Rs 36 from the listing price of Rs 12. Interworld Fashion, which was listed at a discounted price of Rs 8.25, has looked up to Rs 12 post-listing.

Coming to the losers, the first place in fiscal 1998 goes to Snbo Industries. This offer which was made at par and listed at a heavily discounted price of Rs 2, has ended up at a pathetic market price of just 20 paise. The most interesting scrips among the losers are Bazaaz Commercial and Dowell's Elektro Werke. Whereas the former, which commanded a premium of Rs 4 on listing over its offer price of Rs 10, has now crashed to Rs 1.90, the latter, which recorded a premium of Rs 1.95 on listing, has now ended up at a market price of Rs 2.50.

(Arranged by Investar -- The Aarthik News & Research Syndicate)