New Delhi-based V-Mart Retail disappointed investors on Wednesday, falling below the issue price of Rs 210 a share.
The stock declined 3.19 percent to close at day's low of Rs 203.30 on National Stock Exchange.
It was opened at Rs 214 and touched an intraday high of Rs 215 in early trade.
Trading volume was more than 6.62 lakh equity shares as against issue size of 57.46 lakh shares.
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.
Retail chain operator raised more than Rs 90 crore through this issue, which are proposed to be used for opening 60 new stores, expansion of distribution centres, working capital requirements and general corporate purposes.
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