Sapphire Foods had a much listing than Paytm. It got listed on the BSE at Rs.1311 v/s IPO price of Rs.1180. The stock went down to Rs.1160 and went as high as Rs.1383.60.

The KFC and Pizza Hut operator’s IPO was subscribed 6.62 times, with QIBs portion subscribing 7.5 times, HNIs by 3.46 times and retail investors by 8.7 times.

In our conclusion in the IPO Analysis, we had said, “Valuation discount and opening up theme leaves some room for short term appreciation post Q2 results. However, share does not qualify as a long term portfolio bet, due to low net margin business and recent instance of promoter greed. Hence, one may consider strictly for little listing gains, and definitely not for long term holding.”