Multi-brand retail chain V-Mart Retail debuted on the bourses on a positive note but could not sustain those gains for long due to heavy sell-off.
The stock opened at Rs 214 on National Stock Exchange as against issue price of Rs 210 a share. However, consistent selling pressure hammered the shares, as it lost more than 3 percent to Rs 203.30.
Trading volume including BSE and NSE was more than 3.5 lakh equity shares while the issue size was 57.46 lakh shares.
New Delhi-based retail chain operator raised more than Rs 90 crore through this issue. Issue proceeds are proposed to be used for opening 60 new stores, expansion of distribution centres, working capital requirements and general corporate purposes.
The company primarily operates in Tier-II and Tier-III cities, with a chain of "value retail" departmental stores offering apparels, general merchandise and kirana, catering to the entire family. Its operations are spread across northern, western and eastern parts of India.