Engineered systems and solutions provider, Uniparts India Ltd, which listed today on the bourses was trading at a 3.7% discount over its issue price of 577 rupees on a early trade.
The shares of the newly listed company began trading at 575 rupees on the exchanges, listing at 0.35% discount to IPO price. The stock hit a low at 539 rupees.
At 10:16 IST, the stock was trading down over 4% at 552.80 rupees per share on BSE.
On the final day, the IPO was subscribed 25.32 times. The public offering was subscribed to 4.63 times in the retail category, 67.14 times in the QIB category, and 17.86 times in the NII category.
Uniparts India IPO opened for public subscription on November 30 and will closed on December 2.
The price band for the offer has been determined at 548 – 577 rupees per equity share.
The company has a leading market presence in global off-highway vehicles’ systems and components segments.
Prior to its first public offering, the international manufacturer of engineered systems and solutions has raised 250.68 crore rupees from anchor investors.
Ahead of listing, according to topsharebrokers.com, shares of Uniparts India was trading at a grey market premium or GMP of 51 rupees per share on Monday morning.
The IPO price per share is 577 rupees while its estimated listing price according to brokerages prior listing was 628 rupees, up 8.8%. This made a grey market premium of 51 rupees per share.
Analysts advise allotted investors to focus on medium to long-term in Uniparts India and if investors wish to add this on listing day can add and keep it for long term only.
However, analysts anticipate concerns with complete OFS that could worry new investors given that the last five IPOs with comprehensive offer for sale types underperformed after listing.