 "Coffee Day Enterprises shares close 18% lower than IPO price")
Shares of Coffee Day Enterprises closed down nearly 18% to Rs 270, against its issue price of Rs 328 per share, on the National Stock Exchange (NSE). Earlier, the stock had hit an intra-day low of Rs 266 after listed at Rs 317, 3% below its issue price.
On the Bombay Stock Exchange (BSE), the stock listed at Rs 313, a 5% below its IPO price.
At close, a combined 22.14 million shares representing 10.8% of total equity of the company changed hands on the counter on the NSE and BSE.
Coffee Day Enterprises, which runs Cafe Coffee Day (CCD) outlets, had raised Rs 1,150 crore through initial public offers (IPO). The issue was subscribed 1.64 times at price band of Rs 316-328 a share. The IPO got over-subscribed 1.63-times with demand worth Rs 2,000 crore.
The portion reserved for retail investors could not be fully subscribed with 90% bids. The shares reserved for qualified institutional buyers (QIBs) was subscribed nearly 4.6 times. The most tepid response was in non-institutional investors category, which saw only 53% subscription.
Coffee Day Enterprises had raised over Rs 334 crore from anchor investors ahead of the IPO, while in March, the firm had mobilised Rs 100 crore in a pre-IPO funding from Nandan Nilekani and Rare Enterprises (promoted by Rakesh Jhunjhunwala), among others.
On the Bombay Stock Exchange (BSE), the stock listed at Rs 313, a 5% below its IPO price.
At close, a combined 22.14 million shares representing 10.8% of total equity of the company changed hands on the counter on the NSE and BSE.
Coffee Day Enterprises, which runs Cafe Coffee Day (CCD) outlets, had raised Rs 1,150 crore through initial public offers (IPO). The issue was subscribed 1.64 times at price band of Rs 316-328 a share. The IPO got over-subscribed 1.63-times with demand worth Rs 2,000 crore.
The portion reserved for retail investors could not be fully subscribed with 90% bids. The shares reserved for qualified institutional buyers (QIBs) was subscribed nearly 4.6 times. The most tepid response was in non-institutional investors category, which saw only 53% subscription.
Coffee Day Enterprises had raised over Rs 334 crore from anchor investors ahead of the IPO, while in March, the firm had mobilised Rs 100 crore in a pre-IPO funding from Nandan Nilekani and Rare Enterprises (promoted by Rakesh Jhunjhunwala), among others.
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