Shares of integrated marketing services firm RK Swamy made a weak debut on the bourses on Tuesday with a 13 per cent discount against the issue price of Rs 288.
The stock started the trade at Rs 250 on the NSE, a discount of 13.19 per cent over the issue price of Rs 288.
On the BSE, the scrip of the company debuted at Rs 252, down 12.5 per cent against the issue price.
RK Swamy subscribed 25.78 times
In the early trade, the company commanded a market valuation of Rs 1,420.93 crore on the exchange.
In the morning session, the 30-share BSE Sensex benchmark jumped 367.10 points to 73,869.74, while NSE Nifty rose 76.05 points to 22,408.70.
On March 6, the Rs 423.56 crore Initial Public Offering (IPO) of RK Swamy got subscribed 25.78 times on the last day of subscription.
The IPO had a price range of Rs 270-288 a share.
Funds to be used for bettering customer experience
Funds raised through the fresh issue would be used for setting up a digital video content production studio, establishing new customer experience centres and computer-aided telephonic interview centres as well as for general corporate purposes.
Also, funds would be utilised for investment in the IT infrastructure development of RK Swamy Ltd and its subsidiaries Hansa Research and Hansa Customer Equity.
RK Swamy Ltd is the largest Indian majority-owned integrated marketing services provider in India, offering a single-window solution for creative, media, data analytics, and market research services
