Abans Holdings makes disappointing debut; tanks 19% below its issue price
Published On: Friday, December 23, 2022 | By: Team KnowMyStock
Abans Holdings made a disappointing debut on the bourses, with shares of the company sliding as much as 19 percent below its issue price of Rs 270 per share to Rs 218.65 on the BSE on Friday. The stock of the holding company is listed at par on the BSE, while opened 1 percent higher at Rs 273 on the National Stock Exchange (NSE) against its issue price. Ahead of its listing, Abans Holdings was not among the active counters in the grey market. It witnessed negligible premium in the grey market. The initial public offer (IPO) of Abans Holdings, the financial services arm of the Abans Group, received 1.10 times subscription as the issue ended on Thursday, December 15. The initial share sale got bids for 1,40,22,250 shares against 1,28,00,000 shares on offer. The company's Rs 345.6 crore IPO was sold in the range of Rs 256-270 per share
The category meant for Qualified Institutional Buyers (QIBs) was subscribed 4.10 times, non-institutional investors got 1.48 times subscription, and Retail Individual Investors (RIIs) 40%. The net proceeds from the issue will be utilized towards investment in its NBFC subsidiary, Abans Finance, for financing the augmentation of its capital base to meet future capital requirements and for general corporate purposes.
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