Shares of Five Star Business Finance gained more than 3 per cent during their stock market debut on Friday. Shares of the micro finance firm finished at Rs 490, up Rs 16, or 3.4 per cent, over its issue price of Rs 474 per share. The stock hit a high of Rs 544 and a low of Rs 448 on the NSE, where Rs 684 crore worth of shares changed hands. Five Star Business’ listing day gains come despite a lukewarm response to its IPO. The company’s Rs 1,960-crore IPO managed to get bids for just Rs 1,593 crore. As a result, the company cut its IPO size to reach the minimum subscription threshold.
While the response to its IPO