Don't be panic.Just wait for 1-2 weeks. it is a trick played by big-tigers, to make the retailers to sale all shares, and they will bye at lower price in huge lots.
You are right. However their portion is subscribed 39 times which means if they subscribed for say 39 lakh shares, they got only 1 lakh. The rest 38 lakhs they will have to buy from Secondary market.
I believe something is cooking up in this counter and I will not be surprised if it moves to 120 or 125 levels in the next few days as it happened with other IPO's listed recently.
However it can also go down if markets go down but to me Adani moving up is a good scenario as today most of the selling by HNI's and retail will be absorbed by FII's.
Imagine who is buying so much of volume at just 2 to 3 Rs premium? I believe they will buy low and take it to higher levels to get good gain.
I can be wrong if market goes down but then at every level people will buy and ultimately take it to 125 when market moves up again.
Adani was expected to list at these levels because of its Book to price value and also its EPS...please dont go on what grey market says.See the Fundamentals and what technicals say.Grey market is speculation.See the Reality.But Adani Group has got good management and is a sound group.The Adani Power is a good Company.
It was disappointing listing for Adani but I believe Something is cooking up in the current IPO's.
Mahindra Holidays was poorly subscribed and got listed around 325 ie 8% higher but went to 380 plus levels in the next few days.
Raj Oil Mills was overpriced and poorly subscribed but still went to 125 levels and now trading at 90 levels.
Adani Power FII portion subscribed 39 times but still got less premium. If FII were ready to invest at 100 then they will probably buy here as much as they want if it is available even at 10 Rs higher. It is a matter of time if some FII puts buy button and starts buying. I think it is trap for Retail and HNI's to sell as they will be under pressure.
Even if it drops to 80 levels buy with confidence.
Tejas, I don't think it will touch 120 today, because it started very weak and when it goes up there will be selling pressure and price will come down.
expected only!!! People were dreaming!!! Adani did not give enough for the investors who reposed faith on thiem. Had it been Rs.90/= people would have got 10% margin. Krish. Everybody wants to make money for them only!!!
Folks, adani is another failure like Reliance Power... I had a bitter experience with Relaince power... All a big hoax!!! i thank my stars for havung avoided adani... for sure u can buy it in the mkt below issue price i.e. 100. All the best!!