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Retail investors and employees have given a ‘thumbs down’ to both the IPOs; DB Realty listed at an 8% discount while Emmbi Polyarns shed 59% on its debut
The Emmbi Polyarns Ltd and DB Realty Ltd (DBRL) IPOs (initial public offers), which listed on the NSE and BSE today, received a poor response from both retail investors and employees. DBRL got 36% subscription out of 9,615,358 shares reserved under the retail investor category while Emmbi Polyarns managed to get 45% subscription out of the retail quota of 3,333,400 shares. The employees of Emmbi Polyarns were also not attracted to the stock which saw only 0.6% subscription out of 50,000 shares reserved under the employee category.
The DBRL issue was open from 29th January 29 to 2nd February. The IPO was assigned a ‘Grade 2’ rating by CRISIL, indicating below average fundamentals.
DB Realty opened at Rs430 and ended the day at Rs455.40 on the BSE. Its issue price was Rs468, which means it opened at a discount of 8%. Similarly, Emmbi Polyarns opened at Rs45.50 and plunged to Rs28.60 on the BSE, down 59%.
The Emmbi Polyarns IPO opened on 1st February2010 and closed on 3rd February. Credit Analysis and Research Limited (CARE) had assigned a ‘Grade 2' rating for this issue.
DB Realty Limited (DBRL) is a real-estate development company focusing on residential, commercial, retail and other projects, such as mass housing and cluster redevelopment in Mumbai.
Emmbi Polyarns Limited is engaged in the manufacture and sale of FIBC (jumbo bags), woven sacks and various woven polymer-based products like container liners, protective irrigation system, canal liners, flexi tanks, car covers, etc.