Nuvoco Vistas shares debut at a 17% discount to the issue price of Rs 570
The grey market had already indicated the downward trend due to weak market conditions in the previous week.
One of the leading cement manufacturers of India – Nuvoco Vistas Corporation opened its IPO for subscription last week. The shares were listed on the bourses today at a discount price of 17.37 per cent against the issue price of 570 Rs.
The shares opened on the National Stock Exchange at Rs 485 and on the Bombay Stock Exchange at Rs 471. The shares already indicated a decline in the grey market owing to the weak market sentiments in the last week. The listing of CarTrade was also impacted due to the same.
The IPO too got a cold response from investors as the shares were subscribed only 1.71 times, which was mainly driven by Qualified Institutional Buyers.
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