1 week ago
Gaja Alternative Asset Management Shares Slide After Strong Market Debut
Gaja Alternative Asset Management sold shares to the public through an IPO.
The IPO price was Rs 160 per share.
On its first trading day, the shares started near Rs 185, which was a strong gain.
Some investors then sold their shares to lock in profits.
This caused the price to fall by more than 8% from its opening level.
Even after falling, the shares remained above the IPO price.
The IPO received much more demand than the number of shares offered.
The company plans to use some of the money to repay debt and start new investment funds.
Gaja Alternative Asset Management shares listed at nearly a 16% premium to the Rs 160 IPO issue price.
Shares opened at Rs 185.20 on BSE and Rs 185 on NSE.
Profit-booking later pushed the stock more than 8% below its debut level.
The shares still traded more than 5% above the IPO issue price.
The Rs 550-crore IPO was subscribed 31.33 times, with proceeds earmarked partly for debt repayment and new funds.
- Who
- Gaja Alternative Asset Management and investors in its shares.
- What
- The company’s shares made a strong debut before falling more than 8% during trading.
- Where
- On the BSE and NSE in India; the company is based in Mumbai according to the dateline.
- When
- Wednesday, during the shares’ first trading session.
- Why
- Investors booked profits after the shares opened at a substantial premium to the IPO price.
Key facts
- IPO issue price
- Rs 160 per share
- IPO price band
- Rs 152-Rs 160 per share
- BSE debut price
- Rs 185.20
- NSE opening price
- Rs 185
- IPO size
- Rs 550 crore
- IPO subscription
- 31.33 times
- Use of fresh-issue proceeds
- Debt repayment, seeding new investment funds and general corporate requirements
Sources
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