Rishabh Instruments had a muted close on the listing day on September 11 despite healthy equity market conditions and good IPO subscription numbers.
The stock jumped to Rs 460.05, up 4.3 percent over the issue price of Rs 441 in the pre-opening session, while in the normal session, it opened below the pre-opening price and immediately climbed to hit a day's high of Rs 470. The stock failed to sustain the said higher levels and fell below its issue price in morning trade to hit an intraday low of Rs 432.25.
However, it immediately rebounded and sustained its issue price for the rest of the session. Finally, it closed with half a percent gains at Rs 443.15 on the NSE, while the closing on the BSE was Rs 442.75, up 0.4 percent.
Rishabh Instruments traded with a volume of 80.38 lakh shares on the NSE and 5.8 lakh shares on the BSE.
The test & measuring instruments and industrial control products manufacturer has mobilised Rs 490.78 crore through its public issue. The price band for the offer was Rs 418-441 per share.
The public issue was subscribed 31.65 times during August 30-September 1.
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