Indian Energy Exchange opened sharply lower at Rs 1,500, falling 9 percent against issue of Rs 1,650 per share on Monday.
Indian Energy Exchange opened sharply lower at Rs 1,500 on the National Stock Exchange Monday, falling 9 percent against issue of Rs 1,650 per share.
The stock managed to show some recovery from day's low and hit an intraday high of Rs 1,650 (the issue price), but was still trading lower at Rs 1,626, down 1.5 percent.
The Rs 1,001 crore initial public offer was opened for subscription during October 9-11, with a price band of Rs 1,645-1,650 per share.
It had received good response from investors, with the issue getting oversubscribed 2.28 times.
It was the first IPO by a power exchange in the country.
The IPO comprised of 60,65,009 equity shares (including anchor portion of 7,89,120 shares).
The company had reduced its anchor investors' portion to 7,89,120 shares (against earlier size of 18,19,501 shares) as foreign portfolio investors are not allowed to invest in power exchanges through the primary market route. After listing, they can invest in the exchange.
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