The much-needed shakeout in the primary market seems to have started. Thisis certainly no good news for several IT and media companies who have linedup IPOs. One may call it bad luck as Cinevista listed on the Mumbai StockExchange when the order of the day was volatility. The stock debuted at Rs200, slipped to a low of Rs 136 (54.6 per cent discount to the offer price),touched a high of Rs 329 and closed the day at Rs 300. The stock movementwas, more or less, in line with the Sensex movement. The Cinvista countersaw a volume of 4.7 lakh shares.

Nevertheless, the volatility factor cannot be overplayed for explainingCinevista's listing on Wednesday at a steep discount. After listing at Rs200, the stock received some buying support which took it to a high of Rs329. The Rs 329-level has provided investors a chance to book some profits.This also explains the fact that investors were looking for everyopportunity to minimise their losses. Recently, Cadila Healthcare alsolisted at a steep discount of 40 per cent to its IPO price of Rs 250.

The listing of Cinevista at a discount could have an impact on Mascot'soffer of equity shares (fixed price portion) at a price of Rs 480. Mascot'sIPO is closing on Thursday. The other media companies who have lined up IPOsare Padmalaya Telefilms, Nimbus, Pritish Nandy Communication, DevganEnterprises and Tapassum International. Sun TV, NDTV, Sagar Enterprises, UTVand Sony Entertainment Corp are also planning to tap the market.

Cinevista had offered 19 lakh equity shares of Rs 10 each through thebookbuilding route and 6.33 lakh shares offered at a fixed price of Rs 300.