BMW Ventures Ltd Faces Sharp Decline on Market Debut
BMW Ventures Ltd's shares experienced a steep decline on their market debut, dropping over 25% from the issue price. Listed at a discount on both BSE and NSE, the fall concluded at the lower circuit limit. Despite a successful IPO subscription, the shares saw significant losses by day's end.
- Country:
- India
On Wednesday, shares of BMW Ventures Ltd, a company in the marketing and distribution of steel products, endured a sharp fall, ending over 25% lower than the issue price of Rs 99.
The stock opened on the BSE at Rs 80, marking a 19.19% discount from its issue price, and ultimately closed at Rs 76, triggering the lower circuit limit with a 23.23% decline. Similarly, on the NSE, it began trading at Rs 78, a 21.21% drop, and finished at Rs 74.10, down by 25.15%.
BMW Ventures Ltd's IPO was valued at Rs 231.66 crore, with a subscription rate of 1.50 times on its closing day. However, despite the IPO success, the company's market capitalization reached Rs 659 crore amidst these market challenges.
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