“Whaaat an IPO saabji…!”

I hate to come back with another posting on stocks, but the topic looks very tempting today.

The day started with watching Anil Ambani getting vocal about the trust shown by retail investors in his Reliance Power IPO and how auspicious the day is for him. The mood looked upbeat.

Then it was 9:55 am, he rings the BSE opening bell marking the debut of Reliance Power in bourses, the stock, with a listing price of 450 opened at about 550, touched about 600 and then it plunged to the 380s.

All these happened in mere 60 seconds!

Anil and his bankers had already fled the scene, avoiding the media and it looked like even the media was too stunned to react and catch him.

Then, for me, it was a painful exercise of tracking the stock on a minute-by-minute rate.
All day long, I have been witnessing its pathetic fall to the 350 levels.

Reliance Power IPO story would be etched in the memory of most of us for a long time to come. In the long run, the stock may even reach past the 1000 mark. But, for the hype it created, the mad rush it generated and above all, for disappointing investors on the first day itself, the stock has made it into the history books.