By doing so, not only they have facilitated the investors to reap some gainbut they have also fulfilled the listing conditions as the deadline forlisting drew very close.

Of the five IPOs listed this month, four have been listed in the last weekof the stipulated period of ten weeks. Among the recent new listings, thecredit for taking the least no of days for listing goes to theMumbai-registered Biopac India Corporation Ltd which took just 35 days tolist its share on its regional Mumbai stock exchange (BSE).

Biopac's issue lead managed by Enam Financial closed on April 24, and theshare was listed at BSE on May 30. Unlike the April IT IPOs, Biopac's Rs4.03 crore public offer received a very lukewarm response. Despite an equityparticipation from a seasoned merchant banker like Enam, Bio pac's issue wasactually undersubscribed.

As against the reservation of 20 lakh shares for small investors, Biopacreceived 2,775 applications for only 12 lakh shares, resulting in asubscription of just 0.6 times.

All the small investors got full allotment. The large investor ategory toowas undersubscribed. According to knowledgeable sources, the promotersfinally chipped in to make the issue fully subscribed. What's depressingwas, even the company's employees failed to take up their quota in thepublic issue which spoke volumes about their faith in the company!

Interestingly, despite the poor public response to the issue, Biopac's scripopened at Rs 14.45 towards the end of May on BSE.

However, on the same day the price also fell below par. Currently, it isplaced around Rs 7. The promoters' track record in general and Biopac'sworking in particular do not offer much scope for this scrip in theimmediate future. Thus, the mood in this counter is likely to be influencedmore by Enam, whose associate company Reema Business Services Pvt Ltd holds14.4 lakh shares, than anyone else.

The Hyderabad-based Softpro Systems Ltd, lead managed by Systema tixCorporate, which closed its public issue on March 24 has finally tradedits share on the regional stock exchange at Hyderabad (HSE) on June 2, whichhappened to be the penultimate day for listing. The share was traded at BSE72 days after the issue closing, and at NSE after 74 days.

The delay could not alter the investors' misfortune as the share has hardlyattracted any genuine buying above the issue price of Rs 85. Interestingly,Softpro's Rs 12.75 cr IPO had been oversubscribed 12 times even when themarket sentiments were week. Enam Securities had alone chipped in Rs 38.16cr towards the issue while Karvy Securities, Kotak Securities and JM MorganStanley Retail had subscribed to Rs 19.98 cr, Rs 10.94 cr and Rs 10.01 crrespectively.

Despite the support of big names, the share which opened around Rs 90 onHSE fell below Rs 64 the same day. Currently, it is traded at a discount ofaround Rs 10 over the issue price on all the three exchanges that it hasbeen listed.

The Mumbai-based Ajanta Pharma Ltd, lead managed by ICICI Securities,finalised its basis of allotment within a month, on April 27. But, it hastaken more than 38 days after allotment to list the shares on its regionalexchange (BSE). Interestingly, though Ajanta's Rs 67.81 cr public issue at aprice of Rs 225 a share was initially claimed to be oversubscribed threetimes, the `basis of allotment' revealed that the issue was actually subscribed only 1.2 times! Almost all the applicants got allotment. As if inline with the poor public response to the public issue, Ajanta failed toattract investors on listing too.

The scrip opened above the offer price of Rs 225 on BSE. But, it crashed toRs 175 on the same day. Currently, it is placed around Rs 177 whichdiscounts the company's historical earnings just 8 times.

The Bangalore-based Intertec Communications Ltd, lead managed by KarvyInvestor Services, which closed its public issue on March 30, has listed itsshare on the regional stock exchange at Bangalore (BgSE) after 67 days, onJune 6. The company has taken more than a month after the allotment to listthe shares. What's more, its post-issue advertisement while thanking theinvestors revealed that the issue was subscribed 55.49 times. Come a monthlater, the basis of allotment claimed that the public issue was subscribed56.78 times! Though Intertec's IPO which was offered at Rs 60 a piece waslisted on the regional stock exchange at Rs 80. Currently, it is availableat around Rs 75 on both BgSE and HSE. With volume dwindling day by day, thisscrip's immediate future now depends on market movers like Smifs and Enamwhose associates have a minor stake in the company.

The Hyderabad-based Frontlinesoft Ltd, lead managed by Nagarjuna Financial,which closed its public issue on March 28, has traded its share on itsregional stock exchange on the penultimate day of listing, on June 6. Thecompany, in fact, completed the allotment on May 6. Thus it has taken nearlya month after the allotment to list the share. The delay in listing seems tohave benefited the scrip too. Frontlinesoft's Rs 2.55 cr issue at par wasoversubscribed by as many as 24 times. On listing, the share commanded apremium of only Rs 3.95 on the regional exchange (HSE). But, subsequentlythe price has improved to over Rs 20 which offers more than 100%appreciation for the investors, though the company has no historicalearnings to support the price.

Another Hyderabad-based company, Vantel Technologies Ltd, lead managed byKarvy Investor Services, has listed its share within 55 days. This issueclosed on April 11. Allotment was made within a month, on May 2. But, ittook 34 days after allotment to get the shares listed. It seems that thecompany was waiting for the market sentiments to improve. And, the delay hasfinally paid dividends. The public response for Vantel's tiny offer of Rs1.58 cr at par was really overwhelming. The issue was oversubscribed 58times. Whereas small investors subscribed to only 15 times their portion,the large investors staked in more than 100 times their issue quantum. Inline with the pre-issue euphoria, the scrip has done exceedingly well on itsregional stock exchange (HSE). Opening at Rs 30 on June 6, the scrip climbedup to over Rs 42 in two days. Surprisingly, on BgSE, the share is stillavailable around Rs 20! Like Frontlinesoft, Vantel too has no historicalearnings to support its current market price.

-- Arranged by Investar - The Aarthik News & Research Group) [E-mailfeedback to:investar@bol.net.in (or) fernando@bol.net.in]