Angel Broking slides 10% on market debut after weak response to IPO

The Angel Broking stock settled nearly 10 per cent lower than its issue price on its debut. It closed at Rs 276 on Monday, compared to the initial public offering (IPO) price of Rs 306.

The last instance of an IPO listing at a discount was that of SBI Cards, in March. It, too, had ended 10 per cent lower amid the turbulence caused by the pandemic. 

Since then, most IPOs have listed at a huge premium to their issue price. Angel Broking’s weak debut follows the relatively subdued response to its IPO. The discount broking firm’s Rs 600-crore IPO