The shares of Rukmani Devi Garg Agro Impex made a weak market debut on October 6, listing at Rs 79.20 apiece on the BSE SME platform. This marks a 20 percent discount to the IPO price of Rs 99 apiece.
The weak market debut comes despite strong grey market estimates.
Rukmani Devi Garg Agro Impex IPO GMP:
Ahead of listing, the unlisted shares of the company were trading with more than 36 percent grey market premium (GMP) over the IPO price, according to data on Investorgain.
About Rukmani Devi Garg Agro Impex IPO:
The company had launched its initial public offering to raise Rs 23.5 crore entirely through a fresh issue of shares. The price band for the IPO was set at Rs 93-99 apiece. Investors could bid for a minimum of 1,200 shares, requiring an investment of nearly Rs 1.19 lakh, and in multiples thereafter.
The IPO saw strong investor interest during its three days of public bidding, being subscribed more than 28 times between September 26 and September 30. Non-Institutional Investors (NII) had shown the most interest in the IPO, subscribing their reserved portion more than 57 times.
The agricultural produce aggregator aims to use the IPO proceeds for funding working capital requirements and general corporate purposes.
Fedex Securities was the book running lead manager and Bigshare Services Pvt Ltd is the registrar of the issue.
Follow all IPO news here.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
