 "Adlabs Entertainment lists below issue price")
Shares of theme park operator Adlabs Entertainment have listed at Rs 162, 10% below its issue price of Rs 180, on the National Stock Exchange (NSE). The stock hit high of Rs 177 and touched a low of Rs 155 after its listing on the NSE.
The stock opened at Rs 168 on the Bombay Stock Exchange (BSE). It touched high of Rs 178 and low of Rs 156. Till 1008 hours, a combined around one million shares changed hands on the counter on the NSE and BSE.
Adlabs Entertainment had issued equity shares to retail individual investors at Rs 168 per share, a discount of Rs 12 per share to the issue price.
The company had fixed issue price at lower band due to lukewarm response. The issue was subscribed 1.09 times despite the Manmohan Shetty-promoted company cut the IPO price by as much as 20%. Adlabs had revised downward the price band at Rs 180 -215 a share versus earlier band of Rs 221-230 a share.
The qualified institutional buyer (QIB) segment was subscribed 1.2 times and the retail segment was subscribed 1.3 times, while the wealthy investor category got only 69% subscription.
The stock opened at Rs 168 on the Bombay Stock Exchange (BSE). It touched high of Rs 178 and low of Rs 156. Till 1008 hours, a combined around one million shares changed hands on the counter on the NSE and BSE.
Adlabs Entertainment had issued equity shares to retail individual investors at Rs 168 per share, a discount of Rs 12 per share to the issue price.
The company had fixed issue price at lower band due to lukewarm response. The issue was subscribed 1.09 times despite the Manmohan Shetty-promoted company cut the IPO price by as much as 20%. Adlabs had revised downward the price band at Rs 180 -215 a share versus earlier band of Rs 221-230 a share.
The qualified institutional buyer (QIB) segment was subscribed 1.2 times and the retail segment was subscribed 1.3 times, while the wealthy investor category got only 69% subscription.
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