Top IPOs bought by mutual funds in August: Chemplast Sanmar, Nuvoco Vistas, Devyani, Car Trade; rush continues

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September 16, 2021 12:58 PM

Chemplast Sanmar, Nuvoco Vistas, Devyani International, Car Trade Tech, and Krsnaa Diagnostics were among the top picks for mutual fund houses during the previous month.

Stock market, IPOSo far this year, 37 IPOs have successfully listed on the stock exchanges. (Image: REUTERS)

Fund managers continued to invest heavily in IPOs during the month of August, data collected by Edelweiss showed. Chemplast Sanmar, Nuvoco Vistas, Devyani International, Car Trade Tech, and Krsnaa Diagnostics were among the top picks for mutual fund houses during the previous month. The high interest in IPOs made Chemplast Sanmar the most bought stock by fund managers in terms of value, ahead of private sector lender ICICI Bank. Some initial public offerings have seen a marginal drop in their listing gains but Dalal Street remains gung ho for public issues. So far this year, 37 companies have made their stock market debuts. 

Fund Managers bank on IPOs

-Chemplast Sanmar was the most popular IPO among fund managers. The debutant saw various fund houses purchase a total of 3.99 crore shares of Chemplast Sanmar. The value of the same was Rs 2,299 crore.
-Nuvoco Vistas was the second most bought share among the new entrants. 2.86 crore shares of Nuvoco Vistas were added to mutual fund schemes, bringing the total value to Rs 1,590 crore.
-Pizza Hut and KFC operator Devyani International also found its way to various fund managers’ plates, who purchased 2.65 crore shares of the company that was listed on the bourses last month. The total value of Devyani International shares bought by mutual funds was Rs 331 crore.
-Krsnaa Diagnostics was another IPO that was favoured by fund managers in August, picking up 32 lakh shares of the same worth Rs 3.04 crore. 

Other IPOs where mutual funds showed interest last month were CarTrade Tech, Windlas Biotech, Exxaro Tiles, and Aptus Value housing.

ICICI Bank holds top spot

ICICI Bank was the second most purchased stock by mutual fund houses during the previous month, according to Edelweiss. With this, the large-cap banking stock has maintained its top spot in various fund managers’ portfolios. 

ICICI Bank is the largest stock holding by value for Aditya Birla Sun Life Mutual Fund, HDFC Mutual Fund, ICICI Prudential, DSP Mutual Fund, IDFC Mutual Fund, Edelweiss, Franklin Templeton, Kotak Mutual Fund, and Tata Mutual Fund. For all other major fund houses, ICICI Bank is among the top 10 holdings. 

Sectoral shift

During August, Mutual Funds were also seen changing sectoral weightage. “Mutual Funds showed interest in NBFCs, Technology, Private Banks, Telecom, Consumer, Oil and Gas, and Insurance, leading to a month-on-month increase in their weightage. Metals, Automobiles, Healthcare, PSU Banks, Consumer Durables, Utilities, and Cement reported a month-on-month decline in their weightage,” brokerage firm Motilal Oswal said in a report. 

Private banks were the top sector held by Mutual Funds with a 17.1% weight, followed by Technology, NBFC, and Healthcare.

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