Shriram Properties Shares Tumble Over 16 Percent In Debut Trade

New Delhi: Real estate developer, Shriram Properties Limited has got listed with a discount of nearly 24 percent against its issue price of Rs 118 and settled over 16 percent lower.

The stock listed on Wednesday at Rs 94 which was a decline of 20.33 percent from the issue price on the Bombay stock exchange (BSE). However, during the day it falls to Rs 91.75 and settled at Rs 99.40.

On the National Stock Exchange (NSE), it debuted at Rs 90, a discount of 23.72 percent and settled at Rs 98.90 which is a decline of 16.18 per cent.

Notably, during the day, 23.43 lakhs shares were traded at the BSE and over 3 crore units at the NSE during the day.

Shriram Properties IPO, which was opened for subscription got a good response from the investors as the offer was subscribed 4.6 times during December 8-10, 2021. The company reserved portion was subscribed 12.72 times. The Non-Institutional Investors (NNI) quota was booked 4.82 times.

On the other hand, the portion reserved for Qualified Institutional Buyers (QIB) and employees saw 1.85 times and 1.25 times subscription.

The price band for the offer was Rs 113-118 per equity share.

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