Shares of RK Swamy Ltd made a disappointing debut at Dalal Street on Tuesday as the stock was listed at Rs 250, a discount of 13.19 percent, over its issue price of Rs 288 apiece on the NSE. Similarly, the stock kicked off its maiden trading session at BSE with a discount of 12.50 percent at Rs 252 over the same issue price.
Ahead of its listing, shares of RK Swamy were commanding no premium in the grey market, signaling disappointment for investors at debut. The stock was exchanging hands at a discount of Rs 5-10 per share on its issue price. However, it saw a strong premium of Rs 40 over when the issue was open for subscription.
RK Swamy had sold its IPO in the price band of Rs 270-288 per share with a lot size of 50 equity shares, between March 04 and March 06. The Chennai-based company raised Rs 423.56 crore through its primary offering, which included a fresh share sale of up to Rs 173 and an offer-for-sale (OFS) of up to 87,00,000 equity shares.
The issue was overall subscribed 25.94 times The quota for non-institutional bidders was booked 34.36 times while the allocation for qualified institutional bidders was subscribed 20.58 times. The portion reserved for retail investors was subscribed 34.03 times, while the quota for employees saw bidding 2.52 times by the end of the three-day bidding process.
RK Swamy has been engaged in the business of integrated marketing communications, customer data analysis, full-service market research, and syndicated studies for more than five decades. Incorporated in 1973, RK Swamy is a data-driven, integrated marketing services provider that leverages digital initiatives.
IIFL Securities, SBI Capital Markets, and Motilal Oswal Investment Advisors were the book-running lead managers of the RK Swamy IPO, while Kfin Technologies was the registrar for the issue.
