Although the share opened at Rs 25 (which is also the day's high), some profit booking saw the scrip hitting the day's low of Rs 23.20 and closed just five paise higher at Rs 23.25. This also shows that some investors were waiting for an opportunity to minimise their losses, especially in the light of the current hammering of the bank stocks on bourses. The same trend was also witnessed at the time of UTI Bank listing last week.

SIB had offered 1.6 lakh shares at a premium of Rs 22, aggregating Rs 51.2 crore. Although the Kerala-based bank had managed a public subscription of well over 100 per cent, its debut on thebourse has been marked by lack of interest in this counter. The poor performance of the SIB shares on the bourse on the very first day is in line with the market expectation.

With no identifiable promoter and concentrated mainly in Kerala, the bank's performance on listing is no different from other private sector banks like City Union Bank, Jammu & Kashmir Bank and UTI Bank. Most of these banks have similar features like small size of operations, heavy regional concentration and no identifiable promoters. In fact, the success of these banks on the primary market has been due to different reasons. Besides riding the banking IPO boom, these banks had tapped the regional investors and their NRI clients.

UTI Bank is currently hovering around Rs 16. The bank made its debut at the NSE on December 10 with a 20 per cent discount to its offer price of Rs 21. UTI Bank opened at Rs 19.45, touched a low of Rs 16.8 and closed slightly higher at Rs 17 for the day. The SIB shares will also be listed at Bombay and Kochistock exchanges.