Mishra Dhatu Nigam Ltd or Midhani had a very tepid listing today. As against the IPO price of Rs.90, it got listed on the BSE at Rs.87.

The IPO was subscribed 1.21 times, with the institutional investors once again coming to the rescue – their portion was subscribed 1.95 times, HNIs was at 0.12 times and retail was better at 0.72 times.

In our New Issue Analysis we had very clearly stated that Midhani was not for short term and more specifically not for listing gains, “Dent in FY18 performance on account of maintenance shut-down as well as weak market conditions may constrain listing gains. However, given its unique story and sound fundamentals, company can be a good portfolio play, strictly with a medium to long term view.”