Overview

• Shares opened at ₹510 on the NSE and about ₹509 on the BSE, 1.35%–1.59% below the ₹517 issue price.
• After the weak open, the stock briefly traded above the offer price intraday, touching roughly ₹533–₹534.
• The offering drew 2.7 times overall subscription, led by QIBs at 4.28 times, with retail at 1.35 times and NIIs at 0.55 times.
• The ₹1,540.65 crore float comprised a ₹820 crore fresh issue for working capital and corporate needs and a ₹720.65 crore OFS that enabled early backers to book multi-fold returns, including Saama (~10.6x) and Accel (~8.1x).
• Pre-listing grey-market pricing hovered at ₹0, aligning with the muted debut, and a standard retail lot saw a notional loss of about ₹238 at listing.