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| Dismal debut for DB Realty, Emmbi Polyarns IPOs |
| BS Reporter / Mumbai Feb 25, 2010, 00:01 IST |
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DB Realty’s initial public offer (IPO) had a listless debut today with its shares closing at a marginal discount to the issue price. The shares listed on the Bombay Stock Exchange (BSE) at Rs 430, a discount of 8.1 per cent to its issue price of Rs 468, and closed the day at Rs 455.40, 2.7 per cent less than the issue price. The stock touched a high of Rs 466.20 and a low of Rs 412.50 on BSE.
Out of a total of 20.92 million shares of DB Realty traded on BSE, only 14.04 per cent were meant for delivery. Janus Contrarian fund today bought 1.39 per cent of the equity, or 3.38 million shares, BSE and NSE data showed.
DB Realty had raised Rs 1,500 crore in a price band of Rs 468-486 per equity share. The issue was subscribed 2.95 times. The company will use the issue proceed to meet expenses on construction and development of some of its projects, to pre-pay the loan taken from IDFC, and for general corporate purposes .
Emmbi Polyarns, a manufacturer of polymer-based products, closed at a discount of 36 per cent to the issue price of Rs 45. The shares in the company were listed at Rs 45.50, a minuscule premium to its issue price of Rs 45 at BSE. However, the stock slipped Rs 16.85 post listing and closed the day at Rs 28.65, a discount of 36 per cent to the issue price.
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