iValue Infosolutions Faces Initial Market Setback as Shares Fall Below Issue Price
Shares of iValue Infosolutions Ltd closed nearly 6% lower than the issue price on their market debut. The IPO, which was a Rs 560-crore offer-for-sale, saw the stock listing at a discount on both BSE and NSE. Proceeds will go to selling shareholders, not the company.
- Country:
- India
iValue Infosolutions Ltd experienced a rocky market debut as its shares ended nearly 6% below the issue price of Rs 299. The stock opened at Rs 285 on the BSE, a drop of 4.68%, further declining throughout the day to settle at Rs 281.75.
On the NSE, the shares listed at Rs 284.95 and concluded at Rs 281.85. The IPO, fully an offer-for-sale of 1.87 crore equity shares, was subscribed 1.82 times, totaling Rs 560 crore in value.
The entire proceeds from the sale will benefit promoters and individual shareholders rather than iValue, which specializes in technology solutions for securing and managing digital applications and data for large enterprises.
(With inputs from agencies.)
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