RDB Rasayans loses 66% on debut
Shares of RDB Rasayans tanked on debut at the Bombay Stock Exchange, losing 66% from its IPO offer price of Rs 79.
By ET Bureau |
MUMBAI: Shares of RDB Rasayans tanked on debut at the Bombay Stock Exchange, losing 66% from its IPO offer price of Rs 79.
The stock closed at Rs 26.50 on Friday when the BSE Sensex climbed 440 points, or 2.8%. The stock traded at a premium till noon, even briefly touching a high of Rs 93.15.
But, it slipped in afternoon trades and touched a low of Rs 19.80, just before market closing, when it gained marginally and closed at Rs 26.50 or 66.45% below its offer price.
The company’s IPO was open between September 21 and 23 at a price band of Rs 72-79 a share, and the offer price was fixed at Rs 79 after the IPO got fully subscribed. The company raised Rs 35.5 crore from the markets.
The issue had received no interest from qualified institutional buyers (QIBs). The retail portion was oversubscribed four times. The total issue was subscribed 1.5 times.
The stock closed at Rs 26.50 on Friday when the BSE Sensex climbed 440 points, or 2.8%. The stock traded at a premium till noon, even briefly touching a high of Rs 93.15.
But, it slipped in afternoon trades and touched a low of Rs 19.80, just before market closing, when it gained marginally and closed at Rs 26.50 or 66.45% below its offer price.
The company’s IPO was open between September 21 and 23 at a price band of Rs 72-79 a share, and the offer price was fixed at Rs 79 after the IPO got fully subscribed. The company raised Rs 35.5 crore from the markets.
The issue had received no interest from qualified institutional buyers (QIBs). The retail portion was oversubscribed four times. The total issue was subscribed 1.5 times.
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