BSE scrip opens at 34.6% premium, closes in the red

The scrip of stock exchange major BSE was listed on the National Stock Exchange (NSE) on Friday at an initial price of Rs 1,085.

However, even after a record opening premium of 34.6 per cent, the stock closed the day's trade down 1.33 per cent or Rs 14.45 to Rs 1,070.55.

The company's scrip touched a high of Rs 1,200 and a low of Rs 1,065.10 during the intra-day trade.

The listing took place after the company concluded a successful initial public offering (IPO) worth Rs 1,243.43 crore which ended on January 25, 2017.

The initial listing price of Rs 1,085 was at a premium of 34.6 per cent from the upper range of Rs 806 per equity share offered during the IPO.

"The premium reflects the over subscription from the QIBs (qualified institutional buyers) and the retail side. This also reflects the growth potential of securities exchanges in the country," Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, after a positive opening the company's scrip was dragged lower due to profit booking.

"After opening in the green, it (scrip) continued to gain further and made a high of Rs 1,200," Desai elaborated.

"However, before trading session closed it witnessed some profit booking at higher levels."

--IANS

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