HOV Services, providing business process outsourcing, BPO services to the finance and accounting, F&A business sector with operations in India and the US, has listed at Rs 204 on the NSE and at Rs 200 on the BSE against its offer price of Rs 200 per share.

But it could not sustain above its offer price level of Rs 200 as it is witnessing selling pressure.

On the BSE, at 10:03 am, the share was quoting at Rs 194 with volumes of  5,31,499 shares. It has touched an intraday high of Rs 208.80 and an intraday low of Rs 188.

On the NSE, at 10:03 am, the share was quoting at Rs 194 with volumes of 5,81,704 shares. It has touched an intraday high of Rs 234 and an intraday low of Rs 188.

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.