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61. VALUE INVESTOR  Sep 23, 2016 1:34:51 PM IST Reply

L&T Technology Services Ltd IPO

I don''t understand why people are so happy as if it gave some 3-4k profit.
Be relieved that you did not suffer losses. Even if you sold at 920 Rs.
16*60 = 960 Rs.
Brokerage on Rs 15000 is 150 Rs.
So Net Profit = RS 960-150 = Rs 810.
You can make that money easily in secondary market without tension !!!!!
Always apply where listing gains are there and you get alloted in LOTTERY with high oversubscriptions. Atleast you will make 4-7K depending on the IPO.
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61.1. COMMONMAN  Sep 23, 2016 4:07:28 PM IST
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61.2. chitra kamat  Sep 23, 2016 6:03:32 PM IST

L&T Technology Services Ltd IPO

Do take in to account short term capital gains tax also before arriving at net gain.You are left with zilch!
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60. VALUE INVESTOR  Sep 23, 2016 1:25:58 PM IST Reply

L&T Technology Services Ltd IPO

Positive listing is just an eyewash to trap more people.
If you have, sell and forget it. Don''t take fresh positions.
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59. VALUE INVESTOR  Sep 23, 2016 9:37:15 AM IST Reply

L&T Technology Services Ltd IPO

Final countdown begins to see the listing price at 9:45 AM
Best of Luck!!!
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58. VALUE INVESTOR  Sep 21, 2016 1:08:42 PM IST Reply

ICICI Prudential Life Insurance Company Ltd IPO

since retails is fully subscribed, its better to put 1 lot application now.
I think Q1B and HNI will start pouring only after 3 PM. So apply.
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58.1. Prats  Sep 21, 2016 1:13:28 PM IST

ICICI Prudential Life Insurance Company Ltd IPO

Yes, you are right, keep waiting for that
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57. VALUE INVESTOR  Sep 21, 2016 12:17:34 PM IST Reply

ICICI Prudential Life Insurance Company Ltd IPO

Better to avoid and skip this issue. Too much risk involved considering it is overpriced and issue size is too big for any demand to be left on the listing day. Who will absorb so much shares on the listing day and by chance, if it lists in discount, they will be total mayhem !!!!
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57.1. falcon knightrider  Sep 21, 2016 12:25:57 PM IST

ICICI Prudential Life Insurance Company Ltd IPO

You may be making sense for listing day gains. But Company is good and in long term you are gonna earn a good money from this issue.

I applied for 2L (in Share Holder) and 2L (in RII).
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56. VALUE INVESTOR  Sep 21, 2016 10:59:59 AM IST Reply

L&T Technology Services Ltd IPO

Thumbs up to pablo Escobar for managing LT&T from issue start till now.
He is now giving tips on what to do on listing day.
Hope he doesn''t disappear after LT&T listing. :-)
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56.1. Natvarsinh  Sep 21, 2016 11:36:52 AM IST

L&T Technology Services Ltd IPO

For details to verify with PAN,Visit Karvy ,karishma.com
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55. VALUE INVESTOR  Sep 21, 2016 8:43:51 AM IST Reply

L&T Technology Services Ltd IPO

sabko allotment milenga, no need to worry 100% allotment. No tension.
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55.1. Prud Invest  Sep 21, 2016 9:39:33 AM IST

L&T Technology Services Ltd IPO

Issi baat ki toh tension hein sabko, ki 100% allotment mila toh phas na jaye hum. :-)
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55.2. VALUE INVESTOR  Sep 21, 2016 10:58:07 AM IST
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54. VALUE INVESTOR  Sep 20, 2016 2:38:56 PM IST Reply

HPL Electric & Power Ltd IPO

SP Tulsian taken on HPL
---------------------------------
New issue (IPO) Analysis:
Lacks Power

HPL Electric and Power is entering the primary market on Thursday 22nd September, 2016, to raise Rs. 361 crore, via a fresh issue of equity shares of Rs. 10 each, in the price band of Rs. 175-202 per share. Based on the price discovered, company will issue 2.06 crore to 1.79 crore equity shares at the lower and upper end of the price band, which represents 30.8% and 27.8% of the post issue paid up equity share capital respectively. Issue closes on Monday 26th September.

HPL Electric and Power manufactures low voltage electric equipment such as metering solutions, switchgears, lighting equipment, wires and cables, through its 7 manufacturing facilities in Haryana and Himachal Pradesh. Marketing products under ‘HPL’ brand, company has a pan-India distribution network of 2,400 dealers catering to 15,000 retailers. About 50% of revenue is accounted by metering solutions, while lighting equipment makes up for 23%, with rest comprising of switchgears (14%) and wires and cables (13%).

Company’s FY16 consolidated revenue grew 7% YoY to Rs. 1,116 crore, while EBITDA rose 12% to Rs. 146 crore, thanks to cheaper material costs, leading to EBITDA margin of 13%. Finance cost, at Rs. 78 crore, is quite high, having risen 12% YoY. Despite higher EBITDA margin, tax rate increased in FY16, keeping the net margin unchanged at 3.3%. Its PAT for FY16 stood at Rs. 37 crore, translating into EPS of Rs. 7.89, on equity of Rs. 46.43 crore, post 3:2 bonus issue made in Nov 2015.

As of 31st March 2016, company’s networth stood at Rs. 354 crore. It had total outstanding debt of Rs. 580 crore, as on 31-3-16, and cash equivalents of Rs. 52 crore, leading to a high debt/equity ratio of 1.5:1, on a consolidated basis, although this will contract to 0.6:1 post expansion of equity post fresh issue and debt repayment of Rs. 130 crore, from the IPO proceeds. Out of the balance fresh issue proceeds, Rs. 180 crore would be used for working capital requirements.

The working capital position of the company is quite precarious, due to elongated credit periods extended to power utilities. Its debtors are very slow moving, with outstanding receivables of Rs. 512 crore (31-3-16) representing 5.5 months of sale. Inventory of Rs. 317 crore (31-3-16) is also on the higher side, representing 3.4 months of sale. Its current working capital cycle extends up to 5 months, and given ~45% revenue share from power utilities, possibility of improvement in working capital cycle are only slim.

With effect from 9th May 2016, Himachal Energy, with annual sales of about Rs. 100 crore and net profit of Rs. 12 crore, became a 97.15% subsidiary of the company. Thus, company’s FY17 consolidated topline and bottomline will get enhanced proportionately.

At the upper end of the price band, HPL Electric will have a market cap of Rs. 1,300 crore and enterprise value (EV) of 1,700 crore. This translates into PE multiple of 25.6x for FY16 and 20.9x for FY17 (estimated EPS of about Rs. 9.7, including Himachal Energy), at the upper end of price band. On EV/EBITDA basis, multiple works out to 11.6x for FY16 and 9.5x for FY17.

Havells India, having over 7x sales as compared to HPL Electric and Power, at Rs. 7,600 crore, with better net margins, in high single digits, coupled with superior brand recall, net cash balance sheet and RoE of over 21% (vis-à-vis HPL’s 10.3% for FY16), is currently trading at FY17E PE multiple of nearly 40x and EV/EBITDA multiple of 24x.

Genus Power, offering a complete range of electricity meters, with annual topline of over Rs. 800 crore, and net margins of 9%+ (stronger than HPL), is currently ruling at EV/EBITDA multiple of 9x and PE multiple of 15x on estimated FY17 earnings. Other remotely listed peer players include Finolex Cables, market leader in wires and cables, ruling at PE of 19x and LED and CFL maker Surya Roshni, ruling at PE multiple of 17x, based on FY17 estimated earnings.

Thus, on a peer comparison, HPL Electric IPO is aggressively priced. Besides, its sub 4% net margins, low RoE and high working capital position do not bode well either. Moreover, the company operates in a highly competitive industry landscape, with many participants in the organized and unorganized sector as well as Chinese threat.

Due to weak fundamentals coupled with expensive valuations, the issue is a clear avoid.
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53. VALUE INVESTOR  Sep 20, 2016 12:17:37 PM IST Reply

L&T Technology Services Ltd IPO

allotment tomorrow only, today they will only submit basis of allotment to exchange.
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52. VALUE INVESTOR  Sep 19, 2016 8:59:42 AM IST Reply

ICICI Prudential Life Insurance Company Ltd IPO

Sp tulsian take on IPL IPO:
----------------------------------
https://www.sptulsian.com/free_zone/new_issues_analysis

New issue (IPO) Analysis:
Bada naam, bada daam
ICICI Prudential Life Insurance is entering the primary market on Monday 19th September 2016, with an offer for sale (OFS) of upto 18.13 crore equity shares of Rs. 10 each, in the price band of Rs. 300 to Rs. 334 per share. Entire OFS is by promoter ICICI Bank, currently holding 67.52% stake, who’s holding will shrink to 54.89% post issue. Representing 12.63% of the post issue paid-up capital, OFS will raise Rs. 5,440 crore and Rs. 6,057 crore at the lower and upper price band respectively and will close on Wednesday 21st September.

The company has announced a wide price band of 11%, unlike the recent trend of pricing issues in a very narrow price band. All recent IPOs such as L&T Technology Services, RBL Bank, Dilip Buildcon, L&T Infotech, Advanced Enzymes, Quess Corp had price bands of about 2%. Does such a wide price band indicate lack of confidence on the part of the management (given the enormous issue size) or the merchant bankers (learnings from Yes Bank’s USD 1 bn QIP fiasco), so as to keep all options open before them?

ICICI Bank’s 67.52% subsidiary, along with foreign JV partner - UK’s Prudential Corp (holding 25.83%), ICICI Prudential Life Insurance is India’s largest private sector life insurer, with assets under management (AUM) of Rs. 1.09 lakh crore. For Q1FY17, company enjoyed 11.2% market share among all insurance companies and 23.3% share among private life insurers in India. It has a strong capital position with solvency ratio of 320.5% (30-6-16), vis-à-vis IRDAI-prescribed control level of 150%.

While premium earned (net of service tax) rose 25% YoY to Rs. 18,999 in FY16, income from investments slipped drastically, to Rs. 1,208 crore in FY16, vis-à-vis FY15’s Rs. 18,739 crore, on account of decrease in investment income of unit-linked portfolio. Thus, FY16 net profit remained static YoY, at Rs. 1,653 crore, versus Rs. 1,640 crore earned in FY15, yielding an EPS of Rs. 11.54. Company has consistently earned RoE of over 30% coupled with low expense ratio. However, its bottomline has remained flat over the years – FY13 Rs. 1,515 crore, FY14 Rs. 1,561 crore, FY15 Rs. 1,640 crore, FY16 Rs. 1,653 crore

For Q1FY17, although Rs. 3,509 crore was premium earned and income from investments rose to Rs. 5,356 crore, net profit of Rs. 405 crore has been reported, which is roughly one fourth of FY16 net profit. Thus, not much improvement is seen in the bottomline in the current fiscal as well. Q1FY17 EPS of Rs. 2.82 is roughly 25% of FY16 EPS of Rs.11.54, implying that despite topline growth, company’s bottomline has been flat, as higher premium does not necessarily translate into higher profits for insurance company.

As on 30-06-2016, company’s equity stood at Rs. 1,433 crore while net worth was at Rs. 5,743 crore, leading to book value of Rs. 40 per share. At Rs. 334, ICICI Bank is selling shares at PE multiples of 29x for FY16 and 28x for FY17E and PBV of 8.4x as of 30-6-16 and 6.8x for FY17E.

At the lower and upper end of the price band, ICICI Prudential Life will have a market cap of Rs. 43,060 crore and Rs. 47,940 crore, respectively. A popular parameter to value insurance companies is the Embedded Value (EV), which takes into account value of in-force business, which stood at Rs. 13,939 crore (31-3-16) for this company. This translates into a price/ EV multiple of 3.1x and 3.4x, on lower and upper end respectively, on historic basis.

On 31st December 2015 and 31st March 2016, in secondary transactions, ICICI Bank had sold 4% and 2% stake in the company to Premji Invest and Temasek respectively, at a price of Rs. 226.34 per share, implying price/ EV multiple of 2.4x (based on EV of Rs. 13,822 crore, as of 31-3-15).

At the upper end of Rs. 334, shares in the current IPO are being issued at a 48% premium to last transaction price, despite profitability remaining stagnant. Even at the lower end of Rs. 300, a premium of 33% in less than 9 months’ time, when both seller (ICICI Bank) and nature of sale (secondary) are the same, is not justified, when earnings have not improved. Valuation multiple has also surged by 45% - price / EV multiple of 2.4x then, to 3.4x now, which is seen quite expensive.

In August 2016, merger of HDFC Life-Max Life was announced to create the largest private life insurer in India, with combined EV of Rs. 15,822 crore and combined AUM of over Rs. 1.1 lakh crore. This transaction, strategic in nature, is estimated to have been undertaken at a price/EV multiple of 3.3x (transaction value not in public domain as both entities are not directly listed). Another unlisted peer, SBI Life, had EV of Rs. 12,999 crore (31-3-16) and based on its estimated valuation of Rs. 25,000 crore, the implied multiple is 1.9x.

Besides higher multiple in a public market offering, that too in the primary market, ICICI Prudential Life’s post over-run new business premium (NBP) margins have been lower than HDFC Life/Max Life and SBI Life, leading to lower return and margins. Its share of protection business (<3% of premiums) is also lower than HDFC Life’s 5-6% of premiums, so a relatively low proportion of premium is related to the protection business, again leading to lower margins. Besides, ICICI has the highest proportion of revenue coming from unit-linked insurance plans (ULIPs), accounting for 82% of new business premium. Having high mix of equity (50%+), ULIPs, as a product, are more cyclical in terms of growth/ persistency.

Despite strong brand and pedigree, the IPO seems to be fully priced, leaving little-to-no money on the table for prospective investors. Moreover, flat bottomline growth, 48% premium to last concluded transaction less than 9 months ago coupled with risks to margins from high exposure to ULIPS and lower proportion of protection business remain.

Citing expensive valuations, one can skip this maiden life insurance IPO in the history of Indian stock markets!
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51. VALUE INVESTOR  Sep 18, 2016 7:48:58 PM IST Reply

ICICI Prudential Life Insurance Company Ltd IPO

IIFL Brokerage view on IPL IPO:
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ICICI Prudential Life Insurance Co. Ltd. (I-Pru Life) was the largest private sector life insurer in India by total premium in FY16 and AUM as of end of year March 31, 2016. During FY12-16, company’s retail weighted received premium (RWRP) witnessed a CAGR of 15.2% compared to a CAGR of 6.7% in the private sector and a decline of 2.1% pa in the overall Indian life insurance sector.
Nicely positioned to deliver industry leading growth
I-Pru Life has consistently generated the highest number of new business premiums on RWRP basis among all private sector life insurers in India every year since FY02. It has responded well to various regulatory changes since 2010 and its market share, on a RWRP basis, has increased from 5.9% in FY12 to 11.3% in FY16. It is poised to deliver high growth with its sharp focus on linked products and a diversified multi-channel distribution network. ULIPs comprised 82.6% of I-Pru Life’s retail APE in FY16 and has witnessed robust growth over the past couple of years.
Track record of delivering healthy returns for shareholders
I-Pru Life’s RoE has exceeded 30% for each year since FY12. Company has a strong capital position with a solvency ratio of 320.5% at June 30, 2016 compared to regulatory requirement of 150.0%. Company’s persistency ratios have been increasing in recent years and its expense ratio is one of the lowest among the private sector life insurers. I-Pru Life’s VNB grew by robust 52.6% in FY16 on account of improvement in persistency ratios and product mix. VNB margin also increased to 8.0% which partially led to EVOP increasing by 17% yoy in FY16.
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50. VALUE INVESTOR  Sep 17, 2016 8:47:54 AM IST Reply

ICICI Prudential Life Insurance Company Ltd IPO

LinkExternal Link

http://www.livemint.com/Companies/iKztPSN18O3I55nmpoxyQP/ICICI-Bank-raises-Rs1635-cr-selling-ICICI-Pru-Lifes-shares.html

ICICI Bank raises Rs1,635 cr selling ICICI Pru Life’s shares in pre-IPO allotment
The bank sold 48.96 million ICICI Prudential Life shares to institutional investors at Rs334 per share, the upper end of the Rs300-334 price band for the IPO, as per a filing.


Mumbai: Private sector lender ICICI Bank Ltd on Friday raised Rs1,635.33 crore by selling shares in its life insurance arm as part of the Rs6,056 crore initial public offering (IPO) beginning next week, the company said in a stock exchange filing.

India’s largest private sector bank sold 48.96 million ICICI Prudential Life shares to institutional investors. The sale took place at Rs334 per share, the upper end of the Rs300-334 price band for the IPO, as per the filing.

Morgan Stanley Mauritius Co. Ltd bought shares worth Rs207.45 crore, 12.68% of the total anchor book value. Sovereign Wealth Fund GIC Pvt. Ltd (formerly Government of Singapore Investment Corp.) bought shares worth Rs145.78 crore, 8.9% of the anchor book.

Other investors bidding for ICICI Prudential shares in the anchor allotment include Nomura Investment Fund Mother Fund, Nomura Singapore Ltd, Monetary Authority of Singapore, National Pension Service managed by Oaktree Capital Management LP, Goldman Sachs (Singapore) Pte, UTI Mutual Fund, various schemes under Birla Sun Life Trustee Co. Pvt. Ltd, and SBI Funds Management Pvt. Ltd.

The anchor book is the portion of the IPO that bankers allot to institutional investors on a discretionary basis. Anchor book subscription opens a day before the launch of an IPO and acts as an indicator of institutional investor interest. Investors in the anchor book have to remain locked-in for 30 days from the allotment.

The public issue will open on 19 September and close on 21 September. Based on the upper end of the IPO price, ICICI Prudential will be valued at Rs47,955 crore.

The company had filed its IPO proposal with the Securities and Exchange Board of India (Sebi) on 18 July and received the regulator’s approval on 2 September.

Parent firm ICICI Bank Ltd is looking to divest a 12.63% stake in the life insurance arm through the offer-for-sale (OFS) route. Prudential Corp. Holdings Ltd is also expected to trim its stake in insurance company by up to 5.83% after its listing as part of the revised terms of the joint venture (JV) agreement.

ICICI Bank Ltd and Prudential agreed to shed their stake in the insurer with a floor of 54% and 20% stake respectively, to make the listed entity compliant with the Sebi’s minimum public shareholding norms.

Currently, ICICI Bank holds 67.52% and Prudential 25.83% as the two promoters of India’s largest private sector life insurer.

The rest is held by others, including billionaire investor Azim Premji’s firm M/s Hasham Traders (4%) and Compassive Investment Pte. Ltd (2%), a wholly-owned unit of Temasek Holdings.

This was after ICICI Bank sold 6% stake in November 2015 which valued the insurance company at Rs32,500 crore. The total deal value stood at about Rs1,950 crore.

Following the initial share sale, ICICI Bank’s stake in the insurer will drop to 54.89%, leaving little room for ICIC Bank to shed more stake as part of the foreign investment policy in the insurance sector.

Investment banks ICICI Securities Ltd and Bank of America Merrill Lynch have been hired as the tier-I banks to manage the share sale.

Other banks hired to manage the share sale are CLSA India Pvt. Ltd, Deutsche Equities India Pvt. Ltd, Edelweiss Financial Services Ltd, HSBC Securities and Capital Markets (India) Pvt. Ltd, IIFL Holdings Ltd, JM Financial Institutional Securities Ltd, SBI Capital Markets Ltd and UBS Securities India Pvt. Ltd.

ICICI Prudential Life posted consolidated revenue of Rs8,884.37 crore for the three months to June. Its net profit stood at Rs404.9 crore for the same period, according to the information available in the red herring prospectus.

The company reported consolidated revenue of Rs20,227.94 crore for full-year fiscal 2016 compared with Rs33,955.76 crore in fiscal 2015. Its net profit for FY16 stood at Rs1,652.72 crore compared with Rs1,640.35 crore in the year prior, as per the prospectus.

As of 31 December 2015, ICICI Prudential Life had assets under management of Rs1.01 trillion.

The insurance sector has assets under management of Rs22.4 trillion, of which the share of India’s 23 private sector insurers is only Rs4.61 trillion, according to the Insurance Regulatory and Development Authority of India. The insurance industry generated Rs3.28 trillion in premiums last year, of which the private sector’s share was Rs88,433 crore.

Other insurance firms are also looking to tap the market.

In May, Business Standard reported that SBI Life Insurance, a joint venture of the State Bank of India and BNP Paribas Cardiff, is likely to sell shares to the public.

On 19 April, the board of Housing Development Finance Corp. Ltd (HDFC) approved a proposal to sell around 10% in HDFC Standard Life Insurance Co. to the public.

In June, HDFC Standard Life, Max Financial Services Ltd and its unit Max Life Insurance Co. Ltd announced merger talks that may lead to the creation of an insurance firm with Rs1.1 trillion in assets.

The merger will eventually result in the listing of HDFC Standard Life, as Max Financial Services already trades on the Indian exchanges.

The combination of the entities would become India’s largest private sector life insurer, surpassing ICICI Prudential Life Insurance. It will be second only to state-run Life Insurance Corp. of India, which has a 70% share of new business premiums in the country.
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49. VALUE INVESTOR  Sep 17, 2016 6:07:12 AM IST Reply

ICICI Prudential Life Insurance Company Ltd IPO

Issue is overpriced and considering it is a big issue, better to wait till last day. Also it looks prudent to buy after listing as GMP of 21 Rs may vanish after issue closes.
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49.1. Silapathar  Sep 17, 2016 6:51:35 PM IST

ICICI Prudential Life Insurance Company Ltd IPO

Absolutely correct. Because of the issue size, there will be selling pressure on listing day.
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48. VALUE INVESTOR  Sep 16, 2016 6:17:23 PM IST Reply

G N A Axles Ltd IPO

ok it depends on the listing price discovery, than 5% comes into play, Forgot. Thanks for the correction
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47. VALUE INVESTOR  Sep 16, 2016 5:55:23 PM IST Reply

G N A Axles Ltd IPO

Now if it is listed in T Group, it will open with 5% Upper circuit and will continue for how many days depends on the sellers :-)
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47.1. Septa  Sep 16, 2016 6:11:28 PM IST

G N A Axles Ltd IPO

Actual after price discovery then will have 5% circuit. So price discovery could be at 250- 270 Plus looking at HNi subscription cost which is around Rs 4500 given the issue is subscribed 218 times

already GMP has jumped 45 in few circles
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47.2. VALUE INVESTOR  Sep 16, 2016 6:19:48 PM IST

G N A Axles Ltd IPO

good news septaji, now hope for allotment!!!
i did not get in RBL with 2:7 chances now with 1:9 chances. Let''s see :-)
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47.3. Septa  Sep 16, 2016 6:29:20 PM IST

G N A Axles Ltd IPO

even if do not get allotment do not worry if it list below 260 to 270 i would buy u will make more money however u cannot trade being a T listing however if you have capacity to hold u will make good return. Happy for You Value Investor on RBL.

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47.4. Udaipur IPO mastana  Sep 16, 2016 8:23:20 PM IST

G N A Axles Ltd IPO

No circuit limit for price discovery

circuit will on discovered price
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46. VALUE INVESTOR  Sep 16, 2016 1:04:03 PM IST Reply

G N A Axles Ltd IPO

what is current subscription?
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45. VALUE INVESTOR  Sep 16, 2016 9:06:33 AM IST Reply

L&T Technology Services Ltd IPO

All those who applied, please wait for result on listing day.
People who have not applied, please have a peaceful sleep.
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45.1. ARATII  Sep 16, 2016 9:25:46 AM IST

L&T Technology Services Ltd IPO

TO REPENT FOR NOT APPLYING
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45.2. hemant kumar  Sep 16, 2016 9:44:29 AM IST

L&T Technology Services Ltd IPO

better wait and see who will repent. Why to argue?
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44. VALUE INVESTOR  Sep 15, 2016 7:22:46 PM IST Reply

L&T Technology Services Ltd IPO

L&T Infotech issued at 700 Rs trading at Rs 635, All IT Stocks are trading badly.
Anybody in the right sense of mind would never APPLY and get FOOLED Again.
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44.1. Chem cho  Sep 15, 2016 7:31:58 PM IST

L&T Technology Services Ltd IPO

YES MY TARGET for LT INFOTECH WAS RS 650 after selling on first day AT RS 712 -700 = 10*20*6 LOTS = RS 1200

PL SHOW GAIN IN TRADING AC IN 10 DAYS FOR RS 1200

RKS TARGET WAS RS 750

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43. VALUE INVESTOR  Sep 15, 2016 3:07:16 PM IST Reply

L&T Technology Services Ltd IPO

with no HNI Interest, listing gain are minimal or none
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42. VALUE INVESTOR  Sep 12, 2016 7:50:31 PM IST Reply

L&T Technology Services Ltd IPO

Similar to L&T Infotech, retailers have more share portion than Q1B.
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42.1. Durairaj,Tiruppur  Sep 13, 2016 9:22:09 AM IST

L&T Technology Services Ltd IPO

That''s y it may list at discount, bcoz of selling pressure. .
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