Shree Pushkar lists at 8% discount

Shree Pushkar Chemicals got listed at Rs. 60 per share this morning, against issue price of Rs. 65 i.e. at an 8% discount. However, within minutes of opening, share hit 5% upper circuit, and remain frozen at Rs. 63 currently.

Since the share has got listed in the trade-2-trade segment (issue size being Rs. 70 crore. i.e. less than Rs. 250 crore), traded volumes on the counter are not very high. 2.45 lakh shares have changed hands on BSE while NSE traded volume of Rs. 8.43 lakh is much higher. This represents barely 11% of the IPO size of 1.08 crore shares.  

Since the fundamentals of the issue are extremely weak, with current valuations grossly expensive (refer our IPO analysis on (https://www.sptulsian.com/article/85510/shree-pushkar-chemicals), best is to remain away from such scripts, despite the surprising green on this counter.