The Tonbo Imaging bulk deals on listing day told a clear story: an early backer cashed out completely, and a set of large domestic institutions stepped in to buy. According to Moneycontrol, Yali Deeptech Fund I sold its entire holding in the defence electronics maker on Friday, October 23, while HDFC Mutual Fund, Bajaj Life Insurance and Buoyant Capital bought sizeable blocks. On the same day, Invesco Mutual Fund picked up a 3.5% stake in Sahajanand Medical Technologies, another fresh listing.
Who bought and who sold in the Tonbo Imaging bulk deals
Tonbo Imaging India made a strong debut. The stock closed its first session at Rs 1,133.80, which Moneycontrol puts at a 62% premium to the IPO price of Rs 700.
The biggest seller was Yali Deeptech Fund I, run by Yali Capital. It offloaded all 24 lakh shares it held, a 4.18% stake, at an average of Rs 1,069.22 apiece. That works out to Rs 256.61 crore. Moneycontrol notes that the fund is linked to Ganapathy “Gani” Subramaniam, former CEO of Cosmic Circuits, and Mathew Cyriac, Executive Chairman of Florintree and formerly with Blackstone.
On the buy side, three names stood out:
- HDFC Mutual Fund bought 5 lakh shares at Rs 1,154.64 and another 5 lakh at Rs 1,200. Together that is a 1.74% stake worth Rs 117.73 crore.
- Bajaj Life Insurance bought 9 lakh shares, or 1.57%, at Rs 1,134.96, for Rs 102.14 crore.
- Buoyant Capital bought 5.54 lakh shares, or 0.96%, at Rs 1,124.43, for Rs 62.34 crore.
These were not the only trades. The NSE-derived deal sheet on openinvest lists 23 bulk deals in Tonbo that day, with about Rs 614.84 crore bought and Rs 625.34 crore sold across all the reported entries. Its figures for the three buyers match Moneycontrol’s, allowing for rounding.
We covered the subscription numbers before the listing in our Tonbo Imaging IPO subscription status post, if you want the background.
Invesco MF builds a 3.5% stake in Sahajanand Medical
Sahajanand Medical Technologies also listed on October 23. It ended the day at Rs 377.65 on the NSE, 9.8% above its issue price of Rs 344, Moneycontrol reported.
Invesco Mutual Fund bought in two lots: 8 lakh shares at Rs 374.91 and 28.07 lakh shares at Rs 371.44. Put together, that is a 3.5% stake worth roughly Rs 134.3 crore. The openinvest deal sheet for SMT shows the second lot as 28,07,366 shares at the same price.
The Gujarat-based company makes vascular and structural heart products, including coronary stents, balloon catheters, TAVI devices, occluders, renal stents and drug-coated balloons. Our earlier Sahajanand Medical Technologies IPO post has the issue details.
What these deals tell us
A bulk deal is a trade where one client buys or sells at least 0.5% of a company’s listed shares in a single session, as the openinvest deal sheet explains. On listing day they are one of the few early signals of who is holding the new shares.
In Tonbo’s case, a pre-IPO investor booking a large gain is not unusual. What is worth noting is that the shares went to a mutual fund, an insurer and a portfolio manager rather than only to short-term traders. In Sahajanand Medical, Invesco’s buying came at prices close to the closing level. Neither deal says anything about where the stocks go next, but they do show where the shares changed hands. For more on how new listings are priced and allotted, see our guide to IPO investing in India.
Disclaimer: This article is for information and education only and is not investment advice. Please consult a SEBI-registered adviser before making any investment decision.
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