Market News
2 min read | Updated on March 12, 2024, 14:51 IST
SUMMARY
The IPO of RK Swamy, which listed at a discount of 13%, was subscribed 25 times. The public issue of Bharat Highways InvIT listed at a premium of 1%.
Two IPOs listed on Tuesday
The initial public offerings (IPOs) of RK Swamy Limited and Bharat Highways InvIT were listed on the BSE and National Stock Exchange (NSE) today.
Shares of RK Swamy made a weak debut on the exchanges 13% below the issue price. The stock opened on NSE at ₹250 per equity share against the issue price of ₹288. On the BSE, the shares are listed at ₹252, a discount of 12.50%.
The ₹423.56 crore IPO had a price band of ₹270-₹288 per share. The public issue was subscribed over 25 times, with retail investors bidding 33.31 times the quota allotted for them. The non-institutional investors' quota was subscribed 34.24 times, while the qualified institutional buyers' quota was booked 20.58 times. The company had also raised ₹82 crore from anchor investors.
RK Swamy, established in 1973, is one of the largest providers of integrated marketing services. The company offers a range of services, including data analytics, media planning and buying, creative content, market research, event planning, activation and execution.
Its clients include Dr Reddy’s Laboratories, Gemini Edibles and Fats India, Hawkins Cookers, Havells India and Hindustan Petroleum Corporation among others.
Bharat Highways InvIT stock made a tepid debut with the listing at just a 1% premium on the stock exchanges against the issue price of ₹100 per share.
The ₹2,500 crore IPO of the infrastructure investment company's price band was fixed at ₹98 to ₹100 per unit. The issue was subscribed 6.75 times. The QIB portion was booked 6.6 times, while NIIs subscribed 6.93 times.
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