The shares of Mahendra Realtors & Infrastructure made a weak market debut on August 20, listing at Rs 68 apiece on the NSE Emerge platform. This marks a 20 percent discount to the IPO price of Rs 85 apiece.
The listing discount is wider than the 12 percent grey market discount with which the unlisted shares of the company were trading in the grey market, ahead of listing, according to data on Investorgain.
The maiden public issue of the structural repair services provider had seen strong investor interest during its three days of public bidding, being subscribed 25.2 times between August 12 and August 14. In total, investors subscribed for 14.66 crore shares via 29,971 applications during three days of subscription period.
The Mumbai-based company had launched its IPO to raise Rs 49.45 crore through a fresh issue of 47.26 lakh shares, and an offer-for-sale of 10.91 lakh shares at a price band of Rs 75-85 per share.
The company intends to spend Rs 30.4 crore from the fresh issue proceeds for working capital requirement and the remainder for general corporate purposes. Fast Track Finsec acted as the sole book running manager for the Mahendra Realtors IPO.
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