MUMBAI: Shares of Rukmani Devi Garg Agro Impex made a weak debut on the stock market on Monday, listing at Rs 79.20 per share on the BSE SME platform.
This was about 20 per cent lower than the issue price of Rs 99 per share.
The disappointing listing came as a surprise to many investors, especially after the stock had shown a strong trend in the grey market.
Before listing, the company’s shares were trading at a premium of more than 36 per cent over the IPO price, according to data from Investorgain.
The company had launched its initial public offering (IPO) to raise Rs 23.5 crore entirely through a fresh issue of shares.
The IPO was open for subscription from September 26 to September 30, with a price band of Rs 93 to Rs 99 per share.
Investors could bid for a minimum of 1, 200 shares and in multiples thereafter.