Spandana Sphoorty Financial makes market debut; falls nearly 4 pc

Shares of microfinance lender Spandana Sphoorty Financial made a tepid debut on the bourses on Monday, falling nearly 4 per cent over its issue price of Rs 856.

The scrip opened the day at Rs 824, 3.73 per cent lower from its issue price on the BSE.

At the NSE, it debuted at Rs 825, down 3.62 per cent from its issue price.

In terms of traded volume, 2.09 lakh shares were traded on the BSE and over 22 lakh shares on the NSE during the morning trade.

Spandana Sphoorty Financial's initial public offer was subscribed little over 1.05 times earlier this month.

Price range for the offer was fixed at Rs 853-856 per share.

Axis Capital, ICICI Securities, IIFL Securities, JM Financial, IndusInd Bank and YES Securities India were the manager to the offer.

The company offers income generation loans under the joint liability group model, predominantly to women from low-income households in rural areas.