Shares of footwear major Khadim India closed over 8 per cent lower than its issue price on the first day of listing on the bourses today. The company made a lackluster debut on the exchanges, opening at Rs 727 on the BSE and at Rs 730 on the NSE, down from its issue price of Rs 750. The scrip hit an intraday low of Rs 677.30 on BSE and Rs 680 on the NSE. When contacted, Khadim CFO Ishani Ray said, "There is nothing to react on this." In terms of equity volume, 5.30 lakh shares of the footwear maker were traded on the BSE and 28.94 lakh shares changed hands on the NSE during the day. Weighed by a high inflation print and weakness in Asian peers impacted the bourses today. Khadim India's Rs 543-crore IPO was subscribed 1.90 times during November 2-6.
The price band for the offer was fixed at Rs 745-750 per share. The IPO comprised fresh issue of equity shares aggregating up to Rs 50 crore, besides an offer for sale of up to 65,74,093 shares by existing shareholders. The net proceeds from the issue are to be utilised towards payment of loans and general corporate purposes. Axis Capital and IDFC Bank are the book running lead managers to the issue. Incorporated in 1981, the company entered into retail business in 1993. As on June 30, 2017, it had 853 retail outlets across India.
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