24 Oct 2009, ET Bureau
It seems to be another case of investors losing money in primary market offerings. However, the impact seems to be much higher in case of Euro Multivision’ IPO. The newly-listed Euro Multivision seems to be another case of pumping up a stock and then dumping it.
The stock has almost halved from its peak on the listing day, witnessing a downward spiral since its debut on the bourses. It closed at Rs 39 on Friday, down 1% over its previous close after touching a high of Rs 81 on the listing day barely a week ago.
The issue price for the shares was Rs 75, and the company raised Rs 66 crore from the public. The firm has offered 88 lakh shares. On the first day alone, it witnessed over four crores shares changing hands and about two crore the next day on both the exchanges.
Invesco eyes Morgan Stanley’s India MF unit
The market is rife with talks that Invesco may take over the Indian mutual fund arm of Morgan Stanley. Invesco had bought out a major portion of Morgan Stanley’s retail asset management business last Tuesday for $ 1.5 billion.
According to sources, Morgan Stanley Investment Management (MSIM), the Indian mutual fund business of Morgan Stanley, has also been bundled into the Invesco deal. MSIM officials, however, denied possibilities of any such development.
“Invesco has only acquired the Van Kampen division (Morgan Stanley’s North American retail asset management segment) in a big way. The deal has nothing to do with Indian operations and it will not impact MSIM in any manner. MSIM is planning to launch a few funds over the next few months,” said a senior Morgan Stanley official.
MSIM currently manages six funds out of which two are equity funds. Net assets under management of the fund house stood at Rs 2,311 crore at the end of September,
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