Shares of KFin Technologies Ltd made a dull market debut on Thursday. While the stock got listed at slightly higher than the issue price, it soon began to slide and fell over 3 percent.
On the BSE, the stock was listed at ₹369, 0.82 percent higher than the issue price, and on the NSE, the was listed at ₹367 per share, 0.3 percent higher than the issue price.
At 10:30 IST, the shares of the company were trading at ₹353.65 apiece, down 3.37 percent, on the BSE. The stock recorded a high of ₹369.40, and a low of ₹352.65.
On the NSE, at 10:31 IST, the shares of the company were trading at ₹359.50, 1.78 percent lower.
On the final day, the IPO was subscribed 2.59 times, driven by strong response from qualified institutional buyers and retail investors. Non-institutional investors, however, did not express much interest.
The IPO opened on December 19, and closed on December 21.
The company aimed to raise ₹1,500 crore through the issue that was entirely an offer for sale.
The issue was priced at ₹347 to 366 per share, and the minimum order quantity was 40 shares.
On December 16, KFin Technologies raised ₹675 crore from anchor investors ahead of its IPO by allotting 1.84 crore shares at 366 rupees each. Investors include Carmignac Portfolio, PineBridge Global Funds and IIFL Special Opportunities Fund.
As per the Red Herring Prospectus, the company expects that listing of the equity shares will enhance its visibility and brand image, provide liquidity to its shareholders, and will also provide a public market for the equity shares in India.
ICICI Securities Ltd, Kotak Mahindra Capital Company Ltd, and J.P. Morgan India Private Ltd are the book running lead managers of the public issue.
