Stellar Market Debut for Vishal Mega Mart, Sai Life Sciences, and One Mobikwik

Three companies - Vishal Mega Mart, Sai Life Sciences, and One Mobikwik - collectively raised Rs 11,615 crore last week, witnessed a remarkable stock market debut on Wednesday with listing premiums over IPO price rising up to 59%. These three companies together added Rs 70,512 crore to India's market capitalization, according to BSE data.

On the BSE, Vishal Mega Mart listed at Rs 111, a premium of 42% over its issue price of Rs 78 and closed at Rs 112, up 44%. The diversified retailer now has a market cap of nearly Rs 50,500 crore. Last week it had successfully closed its Rs 8,000-crore IPO with the issue subscribed 27 times.

Pharma company Sai Life Sciences, which closed its Rs 3,043 crore IPO last week, listed at Rs 660, a premium of 20% over its IPO price of Rs 549. The company now has a market capitalization of almost Rs 16,000 crore, BSE data showed. The stock closed the session at Rs 765, up almost 40% from its IPO price.

One Mobikwik, the tech-driven payments enabler that had a record subscription of 129 times for its Rs 57-crore IPO, listed at Rs 442, a 59% premium over its issue price. The stock finally settled at Rs 530, up 90% from its IPO price. The company now has a market capitalization of a little over Rs 4,100 crore.

These strong listings came on a day when the Sensex fell by over 500 points, its third consecutive session of falls. According to a market commentator, this could indicate that some investors, while taking money out of the existing stocks, are tilting more towards the newly listed ones.