India’s primary market for stock issues has seen a lot of junk offerings in the recent past.They have led to big losses for investors naive enough to invest in such dodgy issues with fantastically bad fundamentals.The features of such IPOs have been that

1) They have failed to get subscribed which is a blessing in disguise for investors

2) They have just managed to get subscribed wafter which they have fallen by 30-50% in a matter of weeks

3) They have been pumped up to lure in more suckers before being dumped.

Aster Silicates is one such issues that I think will  follow the (3) Path which I have listed above.I had earlier reviewed Aster Silicates to be another junk offering.The issues has surprisingly gone up 81% on the day of its listing which would makes absolutely no rational sense.The only logical explanation is the small size of the issue Rs 53 crore ( $11 million) which makes it easily vulnerable to manipulation.There have been past cases of Pump and Dump like Texmo Pipes.It would not be a big surprise that Aster Silicates soon starts falling like a rock leaving small retail investors with no exit routes and huge losses.