Tree House shares crash 20% on first trading day
Though the shares registered gains by noon, touching a high of Rs 161.5, or 19% up, prices tanked by the end of the session and closed at Rs 116.5.
By ET Bureau |
MUMBAI: Shares of Tree House Education and Accessories tanked nearly 20% on their first trading day. The IPO was subscribed 1.85 times and the listing price at Rs 135 was at the lowest end of the price band.
Though the shares registered gains by noon, touching a high of Rs 161.5, or 19% up, prices tanked by the end of the session and closed at Rs 116.5, or 13% down, on BSE and at 108.5, or 20% down, on NSE.
The BSE IPO index, which represents stocks that have listed recently, has been consistently underperforming. On Friday, it was 2.6% down and touched its yearly low of 1536.87.
Meanwhile, there was lacklustre retail participation for SRS public issue that closed on Friday after being subscribed only 1.25 times, with maximum bids received for its lowest offer price at 58. Bidding for TD Power Systems closed after being subscribed 2.92 times, again with maximum bids for its lowest offer price of 256.
Though the shares registered gains by noon, touching a high of Rs 161.5, or 19% up, prices tanked by the end of the session and closed at Rs 116.5, or 13% down, on BSE and at 108.5, or 20% down, on NSE.
The BSE IPO index, which represents stocks that have listed recently, has been consistently underperforming. On Friday, it was 2.6% down and touched its yearly low of 1536.87.
Meanwhile, there was lacklustre retail participation for SRS public issue that closed on Friday after being subscribed only 1.25 times, with maximum bids received for its lowest offer price at 58. Bidding for TD Power Systems closed after being subscribed 2.92 times, again with maximum bids for its lowest offer price of 256.
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