Shares of non-banking finance company (NBFC) Five-Star Business Finance made a muted market debut today. The stock listed at ₹468.80 per share vs its issue price of ₹474 per share, a discount of 1 percent on the NSE. Meanwhile, on BSE, it listed at ₹449.95, a discount of 5 percent. The ₹1,960-crore initial public offering opened for subscription on November 9 and closed on November 11. The company had fixed the IPO price band at ₹450-474 per share.
The stock hit a high of ₹474 on NSE in intra-day deals, same as its issue price.
Five Star Business Finance IPO was subscribed 0.70 times. The shares which were to be allocated for the qualified institutional buyers (QIBs) were subscribed 1.77 times, while the portion for non-institutional investors (NII) was subscribed 0.61 times and that of retail individual investors (RIIs) was subscribed around 11 percent, the data showed.
The issue was entirely an offer for sale (OFS) by the promoters and existing shareholders of the company, aggregating to ₹1,960 crore. The South-India-based shadow lender has trimmed its issue size from ₹2,752 crore earlier.
Archean Chemicals, on the other hand, listed at a premium of 10.5%. Shares of the company were trading at ₹465.35 per share on the BSE, up ₹56.35 per share at 10.25 am.
The stock hit a high of ₹476 in intra-day deals, up 17 percent from its issue price.
The issue was subscribed 32.23 times. It received bids for 64,31,70,528 shares against 1,99,57,325 shares on offer, according to data available with the National Stock Exchange (NSE).
The portion of qualified institutional buyers (QIBs) was subscribed 48.91 times, while those of non-institutional investors was subscribed 14.90 times and that of retail individual investors (RIIs) was subscribed 9.96 times, the data showed.
The IPO consisted of a fresh issue of equity shares aggregating up to ₹805 crore and an offer-for-sale (OFS) of up to 1.61 crore shares by the promoter and investors, including the India Resurgence Fund, a joint venture between the Piramal Group and Bain Capital.