HOV Services ends with 11% discount

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HOV Services , providing business process outsourcing, BPO services to the finance and accounting, F&A business sector with operations in India and the US, which got listed positively but could not sustain gains through the day.

It was witnessed selling pressure and finally closed down 11% below its offer price of Rs 200 per share.

On the BSE, the share ended at Rs 178 with volumes of  24,74,737 shares. It touched an intraday high of Rs 208.80 and an intraday low of Rs 177.10.

On the NSE, the share closed at Rs 178.20 with volumes of 28,53,848 shares. It touched an intraday high of Rs 234 and an intraday low of Rs 177.25.

The company had entered with an initial public offering, IPO of 4,050,000 equity shares of Rs 10 each in the price band of Rs 200 to Rs 240 per equity share. The issue was subscribed 2.65 times

The company intended to deploy the net proceeds of the issue to part finance its plans of capital expenditure and acquisitions. In addition, it also proposes to infuse funds into its subsidiary, HOV Services, LLC for repayment of Class B Units issued as consideration for acquisition of subsidiaries as well as redemption of Class B units issued by the subsidiary.