Shelter Pharma failed to surpass its issue price on listing day, August 23, despite the northward journey in equity markets. The stock closed the day with one-tenth of a percent loss.
The stock opened the session at Rs 39.97 on the BSE SME, down 4.83 percent compared to the issue price of Rs 42 and hit a day's low of Rs 37.98 (down 9.6 percent).
It showed some recovery in the last couple of hours of trade and climbed up to Rs 41.96, which is also a close price of the day, down 0.09 percent, but could not hit the IPO price.
The trading volume on the listing day was 11.16 lakh shares.
Also read: Ratnaveer Precision Engineering IPO opens on September 4
The herbal products maker has raised Rs 16.03 crore via public issue, which comprised only fresh issue. The funds, excluding issue expenses, will be utilised for working capital requirements and general corporate purposes.
It was a fixed-price issue. The offer price was Rs 42 per share.
Incorporated in 2007, Shelter Pharma manufactures herbal products in human pharma as well as the veterinary space.
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