Vrundavan Plantation Shares Debut on BSE SME Platform at a Discount

Vrundavan Plantation Shares Debut on BSE SME Platform at a Discount

VoM News Desk | November 6, 2023 | 02:13 PM IST | Breaking News | Follow on Google News

Vrundavan Plantation Shares Debut on BSE SME Platform at a Discount

Vrundavan Plantation Shares Debut on BSE SME Platform at a Discount

Despite a positive sentiment at the Indian stock market’s opening bell, Vrundavan Plantation shares made their debut on the BSE SME platform during a special pre-open session on Monday. The SME stock began trading at ₹107 per equity share, which was ₹1 lower than the issue price of ₹108 per share, indicating a discount during the SME IPO’s opening session.

Immediate Intraday Decline

The negative start continued as the SME stock quickly plummeted, hitting an intraday low of ₹101.65 per share. It triggered a 20% lower circuit within seconds of the share listing, causing concern among investors.

Vrundavan Plantation IPO garnered strong interest from investors, with an oversubscription of over 18.50 times in three days of bidding from October 30, 2023, to November 1, 2023. The retail category saw a subscription of 25.50 times, while the Non-Institutional Investor (NII) category was subscribed over 11.50 times.

The SME issue had a fixed price of ₹108 per equity share, with the aim of raising ₹15.29 crore through the issuance of 1,416,000 fresh shares. The IPO was intended for listing on the BSE SME platform.

Key Details of the IPO

The Vrundavan Plantation IPO included 1,200 company shares in one lot, which meant a minimum investment of ₹1,29,600 (₹108 x 1200) for an allottee. Interactive Financial Services Ltd served as the book running lead manager for the BSE SME issue, while Kfin Technologies Limited was the official registrar of the Vrundavan Plantation IPO.

Notably, despite the positive opening sentiment in the Indian stock market, Vrundavan Plantation’s shares listed below their issue price, reflecting the challenges faced by the SME stock.

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