Five Star Business Finance Stock Makes Weak Debut, Down 5%

For the IPO, the firm had fixed the price band at Rs 450-Rs 474 per share.(Representational)

New Delhi:

Shares of Five Star Business Finance today made a tepid market debut, listing with a discount of 5 per cent, against the issue price of Rs 474.

The stock listed at Rs 449.95, registering a decline of 5 per cent from the issue price on the BSE. It later bounced back and was trading at Rs 482.95, higher by 1.88 per cent.

At the NSE, it made its debut at Rs 468.80, lower by 1 per cent.

The Initial Public Offering (IPO) of Five Star Business Finance was subscribed 70 per cent on the last day of subscription on November 11.

For the IPO, the firm had fixed the price band at Rs 450-Rs 474 per share.

The IPO was entirely an Offer-For-Sale (OFS) of shares to the tune of Rs 1,960 crore by existing shareholders and promoter group entities.

The Chennai-based Non-Banking Financial Company (NBFC) is backed by investors like TPG, Matrix Partners, Norwest Ventures, Sequoia and KKR.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Featured Video Of The Day

India’s Forex Reserves Fall To Lowest Since July 2020

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: