Dismal debut for Indiabulls Power; stock slumps 20%
Indiabulls Power made a dismal debut on the bourses Friday even as the rest of the market rallied following the positive news from overseas shores.
By ET Bureau |
MUMBAI: Indiabulls Power made a dismal debut on the bourses Friday even as the rest of the market rallied following the positive news from overseas shores.
The stock opened at Rs 35.90 on the BSE, down Rs 9.1 or 20 per cent, but managed to pare some of its losses in the first few minutes of trade. At 10 am, the stock was trading at Rs 39.10, still down Rs 5.9 or 13.11 per cent.
The company which is a subsidiary of Indiabulls Real Estate had fixed its initial public offering price at Rs 45 per share, at higher end of price band of Rs 40-45.
It received an overwhelming response from investors, especially QIBs (qualified institutional investors) and was subscribed 21.84 times, as per the data available on the NSE website.
QIBs (qualified institutional investors) supported the issue with their reserved portion being subscribed over 40.49 times. QIBs included Fidelity, Nomura, Capital International, Goldman Sachs AMC, Mirae AMC, Reliance MF, SBI, IDFC, LIC MF, HSBC, Halbis, Birla MF and ICICI Pru Life Insurance. Non-institutional investors' reserved portion got subscribed nearly 5.76 times and retail portion subscribed was 1.09 times.
The stock opened at Rs 35.90 on the BSE, down Rs 9.1 or 20 per cent, but managed to pare some of its losses in the first few minutes of trade. At 10 am, the stock was trading at Rs 39.10, still down Rs 5.9 or 13.11 per cent.
The company which is a subsidiary of Indiabulls Real Estate had fixed its initial public offering price at Rs 45 per share, at higher end of price band of Rs 40-45.
It received an overwhelming response from investors, especially QIBs (qualified institutional investors) and was subscribed 21.84 times, as per the data available on the NSE website.
QIBs (qualified institutional investors) supported the issue with their reserved portion being subscribed over 40.49 times. QIBs included Fidelity, Nomura, Capital International, Goldman Sachs AMC, Mirae AMC, Reliance MF, SBI, IDFC, LIC MF, HSBC, Halbis, Birla MF and ICICI Pru Life Insurance. Non-institutional investors' reserved portion got subscribed nearly 5.76 times and retail portion subscribed was 1.09 times.
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