Shares of footwear retailer Khadim India made a sluggish debut at the bourses today and ended with a sharp loss of over 8 per cent against the issue price of Rs 750. The stock listed at Rs 727, down 3 per cent against the issue price on BSE. During the day, it lost 9.69 per cent to Rs 677.30. It finally ended at Rs 688.50, reflecting a decline of 8.2 per cent. On NSE, shares of the company plunged 8.15 per cent to settle at Rs 688.85. In terms of equity volume, 5.31 lakh shares of the company were traded on BSE and over 28 lakh shares changed hands on NSE during the day. The company's market valuation stood at Rs 1,236.90 crore. 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 were the book running lead managers to the issue. Incorporated in 1981, the company entered into retail business in 1993. At the end of June this year, it had 853 retail store outlets in different parts of the country.
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