Thursday, September 18, saw the lousy market debut of wire product manufacturer Excellent Wires and Packaging.
The company's shares were listed on the NSE SME platform at a discount of 5 per cent to the issue price.
Initially trading at Rs 85 per share on the NSE SME platform, the company's shares represented a 5 per cent loss from the issue price of Rs 90 per share. Investor selling caused the stock to decline by an additional 5 per cent, reaching the lower circuit at Rs 80.75 per share.
The shares of Excellent Wires and Packaging were trading at Rs 81.50 per share on the National Stock Exchange at 2.02 pm.
Total subscription received
Excellent Wires and Packaging Limited's initial public offer, which was put out on the third day of bidding, has already received 5.47 subscriptions.
With bids that were 9.71 times higher than their allocated quota, retail investors led the demand. Non-institutional investors' (NIIs') portion of the budget was subscribed 1.22 times over.
In the Rs 12.6 crore IPO, just 14.6 lakh equity shares are being issued new. The first share sale will take place on September 11 and run through Friday, September 13. The fixed price per share for this issue is Rs 90.
Retailers are allowed to apply for a minimum of one lot, which is made up of 1,600 shares worth Rs 1,44,000 each. For two lots, high-net-worth individuals (HNIs) can place bids as high as Rs 2,88,000.
IPO size, lot size and minimum bid
It has an issue size of 1,400,000 shares and a value of Rs 12.60 crore.
Excellent Wires and Packaging Limited's initial public offering (IPO) is fixed at Rs 12.60 crore. This 14 lakh problem is brand new. Each share in the IPO has a fixed face value of Rs 10. In this IPO, each share has an issue price of Rs 90. The IPO has a 1600-lot size.
