The stock opened at Rs 825 on the National Stock Exchange, against issue price Rs 856
Microfinance lender Spandana Sphoorty Financial started off trade at a 3.6 percent discount to its issue price on August 19, the first day of trade on exchanges.
The stock opened at Rs 825 on the National Stock Exchange, against issue price Rs 856. At 1003 hours IST, it was trading at Rs 830.50, down 3 percent after hitting a day's low of Rs 808 and high of Rs 850 in the beginning.
On the BSE, the stock opened lower by 3.7 percent at Rs 824.
In terms of volumes, Spandana traded with volumes of 37,000 shares on the BSE and 6 lakh shares on the NSE.
The Rs 1,200-crore public issue had received a tepid response. It was subscribed 1.05 times.
The IPO comprised a fresh issue of Rs 400 crore and an offer for sale of 93,56,725 equity shares, including anchor portion of 42,08,886 equity shares.
The company will use the fresh issue proceeds towards augmenting its capital base.The Hyderabad-based Spandana Sphoorty, a two-decade old geographically diversified and rural-focused NBFC microfinance institution, offers small-ticket unsecured loans to women in the low-income bracket in rural and urban areas. It provides income-generation loans, business loans and loans against gold jewellery.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.