Inventure Securities breaches its issue price on listing

NEW DELHI: Broking firm Inventure Growth & Securities Ltd, a Mumbai based brokerage firm which listed on Indian bourses today failed to attract investor attention as the stock slipped below its issue price in early trade.

At 10:24 AM, Inventure Growth & Securities Ltd was at Rs 114.70, translating into a 2% discount against its issue price of Rs 117 per share, after listing at par on the NSE. The stock had dropped over 10 per cent in early trade.

In an interview with ET Now, Nagji K Rita, CMD of Inventure Growth & Securities Ltd said that the company will focus on franchisee model for growth of brokerage business. Currently franchisee network is at 250 branches.

"Margin funding against shares will boost brokerage fee going forward", adds Nagii.

The stock has hit a high of Rs 122.45 and low of Rs 102.20 so far. Around 7 million shares have changed hands on the counter in opening deals.

It raised Rs 81.9 crore through the issue of 70 lakh equity shares. The company intends to use the proceeds for investment in its subsidiary, Inventure Finance Private Limited and long term working capital.