₹330 on the BSE on Tuesday, a premium of 1.85% to the issue price of ₹324. The company's ₹1,701-crore IPO, which concluded on 2 November, was subscribed 7.61 times over, indicating strong investor demand, but initial public offerings (IPOs) in India have seen mixed performances since last Diwali. Companies such as Ideaforge Tech, Netweb Technology, Utkarsh Small Finance Bank, Cyient DLM, SBFC Finance, Cello World, and Mankind Pharma, recorded strong listing gains ranging from 20% to 93%.
The broader market, as represented by the Nifty 50 index, has also shown resilience, rising by 10.44% since last Diwali. However, not all IPOs have been so fortunate. Yatra Online's shares fell by 10.2% when they were listed, while Inox Green's stock shed 7% on debut and Fusion Microfinance’s stock declined 2.3%.
The biggest first-day listing gain was recorded by Ideaforge Technology, which listed at ₹1,300 on 7 July, a premium of 93.5% over the issue price of ₹672. Netweb Technologies also had a strong listing, opening at ₹947 on 27 July, a premium of 89% over the issue price of ₹500. Utkarsh Small Finance Bank, which had issued shares at ₹25, opened at ₹40, clocking a remarkable premium of 60%.
Cyient DLM also made a strong debut on the stock exchanges. The company's shares opened at ₹403, a premium of 52.1% over the issue price of ₹265, and SBFC Finance shares opened at ₹82, a premium of 43.9% over the issue price of ₹57. Honasa Consumer’s IPO opened for subscription on 31 October and closed on 2 November.
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