Interestingly, two IPOs, which finalised their basis of allotment within a month of their issue closing, have not yet listed their scrips even 40 days after allotment. Aryaman Financial lead- managed Zen Soft Solutions closed its par issue on June 2. This Hyderabad-based company had proposed to list its share on the Ahmedabad stock exchange, besides its regional exchange at Hyderabad. Zen's small issue of Rs 1.71 cr had actually received a dismal response, though the issue was claimed to be oversubscribed marginally.

Whereas the small investors' portion of 8.55 lakh shares was subscribed to the extent of less than 39 per cent by 1,199 people, about 27 large applicants bailed the issue out by subscribing to more than 16 lakh shares.

Zen finalised its basis of allotment within just three weeks, on June 23, and declared the allotment a week later, on June 30. More than 41 days have passed since the allotment was made public and almost 10 weeks are now over since the issue closing. But, the scrip is yet to be  traced even on its regional exchange.

Another Hyderabad company, Padmalaya Telefilms, which closed its IPO in the first week of June, finalised its basis of allotment in just 16 days, and declared the allotment public in 23 days after the issue closure. This high profile issue had actually received an overwhelming response of 4.5 times the issue size from nearly 19000 investors, despite a steep issue premium of Rs 90 per share, that is 900 per cent over the paid-up value of Rs 10.

Padmalaya had proposed to list the shares on the Mumbai stock exchange, besides its regional exchange at Hyderabad.

Like Zen, 41 days have passed since the declaration of the issue allotment, yet, the Padmalaya scrip is to be traded on any of the two exchanges it was proposed to be listed. It is indeed an irony that, in listing, Padmalaya is not showing the same hurry that it showed in finalising the allotment.

The Ind Global Financial lead-managed Bangalore-based FI Sofex closed its Rs 2.28 cr IPO (at a premium of Rs 20 per share) on June 9. The company had received only 1,206 applicants for 9.43 lakh shares resulting in a subscription of 1.24 times. Yet, they took 35 days to declare the basis of allotment. Since the allotment, nearly four weeks have gone, and after the issue closure, sixty-two days have passed. But, the scrip is yet to register its muhurat quote both on the Bangalore and Chennai exchanges. Unlike FI Sofex, a little known Hyderabad-based company, Orpine Systems, whose Rs 2.71 cr IPO at par was lead-managed by the Mumbai-based Weizmann Capital, finalised its basis of allotment in just 19 days. However, even 21 days after the allotment, the scrip is yet to be traded. According to the merchant banker, "the listing formalities at Hyderabad are over and the trading is expected to start in a week's time".

Another low profile Hyderabad IPO, Online Media Solutions, lead- managed  by CIL Securities, too have finalised the allotment in short period of less than a month.

But, the company does not reveal the full details of the allotment! To a written request for a copy of the basis of allotment, the company secretary has asked us to refer to their web site. Interestingly, the company's website does not contain the full table of the allotment! Even the `part table' does not have the allotment date!!

-- (Arranged by Investar - The Aarthik News & Research Group) [E-mail feedback to:investar@bol.net.in (or) fernando@bol.net.in]