Meanwhile, on BSE, the stock debuted at a premium of 5.64% at Rs Rs 99.30.
Ahead of the listing, the stock was trading at a marginal premium to the issue price in the unofficial or grey market.
The company’s total IPO size was lowered from Rs 387.94 crore to Rs 256.66 crore as the allotment price was reduced to Rs 94 as against Rs 99 earlier.
The fresh issue component stands reduced from Rs 60 crore to Rs 54 crore and the offer for sale from Rs 327.94 crore to Rs 202.09 crore.
The initial public offering of the company had received a muted response, as it was subscribed a little over 50%.
Barring the portion reserved for qualified institutional buyers, all other segments received muted subscriptions. QIB was the only portion that was fully subscribed.
The portion set aside for retail investors was subscribed just 20%. This is surprising given the strong participation by this community in the primary market over the last one year.
The non-institutional investors’ portion was subscribed a little over 60%.
Brokerage firms were majorly positive on the issue, suggesting to subscribe to it, considering the business model. However, a few analysts were skeptical over the company’s business due to rising competition and rich valuations.
The growth in the organized retail sector as well as the corresponding outsourcing potential is expected to be prime factors for the development of the RCM market in India,
had said in its report.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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