The shares of Riddhi Display Equipments made a weak debut on stock markets on December 15, listing at Rs 80 per share on the BSE SME platform. This marks a 20 percent discount over the IPO price of Rs 100 per share.
The company's market capitalization during debut stood at over Rs 69 crore.
Ahead of listing, the unlisted shares of the company were trading flat at the IPO price with zero grey market premium, according to data on Investorgain.
The unlisted shares of the company were trading flat at the IPO price ahead of listing, according to data on IPO Watch as well.
Riddhi Display Equipments, which makes display counters, kitchen and refrigeration equipment, had launched its initial public offering earlier this month to raise Rs 24.7 crore. The issue was subscribed nearly 5 times between December 8 and December 10.
The price band for the IPO was set between Rs 95 and Rs 100 per share. Investors could bid for a minimum of 1,200 shares, requiring an investment of Rs 1.2 lakh at the upper price band, and in multiples thereafter.
After the listing, the shares of the company dropped 5 percent to hit the lower circuit at Rs 76 per share. The stock’s market capitalization stood at Rs 65.66 crore, as seen at 11 am.
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