NUVOCO: Nuvoco Vistas company had a bad debut in the stock market as the share price falls 17% over the listing price.
India’s fifth-largest cement makers company had seen a very bad listing on BSE, as the stock price has fallen 17 percent lower than their issue price.
The IPO was offered at a price of Rs 570.00, after the downfall which finally got listed at RS 471.00 in the Bombay Stock Exchange(BSE). As it opened at RS 485.00 in the National stock exchange and got listed at the down of 14.91 percent from the issue price.
Even though the stock gained from its opening lows and touched an intraday high of Rs 546.80 in the National Stock Exchange and Rs 547.15 on the Bombay Stock Exchange during the first 15 minutes of trade.
A downward trend has already been indicated by the grey market, due to weak market conditions in the previous week. which had an impact on the CarTrade Tech listing on Friday. which was down 7.3 percent at the close in debut trade despite strong subscription.
The Rs 5,000-crore initial public offering of the Nuvoco costa had a huge response from investors during August 9-11 as it was subscribed at 1.72times largely driven by qualified institutional buyers (QIBs). The issue had received bids for 10.7 crore equity shares against the IPO size of 6.25 crore equity shares.
The largest cement company faced a small failure, which doesn’t even matter as they can cope up soon. Hope their price will be rise within a week. All the investors who currently hold the shares of nuvco will have good profits.