Inventure Growth & Securities slips below issue price

Inventure Growth & Securities is trading at Rs 108, translating into an 8% discount against its issue price of Rs 117 per share, after listed at par on the NSE today. The stock has hit a high of Rs 124 and low of Rs 103 so far. Around 1.5 million shares have changed hands on the counter in opening deals.

The company raised Rs 82 crore by issue of 7 million shares, offers advisory services along with trading services in cash derivatives equity market, debt market, commodities and currency futures.

The initial public offer (IPO) proceeds will be used for investment in company subsidiary, Inventure Finance Private Limited; augmenting long-term working capital requirements and general corporate purposes.
 
The issue received 15,316 applications for over 31.7 million equity shares resulting in over subscription of 4.5 times. The non-institutional bidders or HNI portion was subscribed 9.3 times, while retail portion was subscribed 8.5 times. Qualified institutional investors had stayed away from the issue with their portion was subscribed by just 0.25 times.