Overview

• Shares opened at Rs 84 on the NSE and Rs 88 on the BSE, pricing 34.9% and 31.8% below the Rs 129 issue price.
• The Rs 307 crore IPO combined a 1.24 crore fresh issue with a 1.14 crore offer for sale in a Rs 120–129 price band.
• Reported overall subscription was around 2x, with outlets citing 2.05x–2.12x and tranche demand near retail ~1.4x, QIB ~1.8x, NII ~3x.
• Grey-market indications showed no premium ahead of listing, pointing to weak aftermarket interest.
• Early allottees saw an estimated loss of about Rs 5,130 on each 114-share lot at the NSE debut price.