Overview

• Shares opened at Rs 650 on the NSE and Rs 646.50 on the BSE versus the Rs 648 issue price, then slipped as much as about 5% in early trade.
• The Rs 3,000 crore offering was entirely an offer-for-sale, sending proceeds to selling holders Embassy Buildcon LLP and WeWork affiliate 1 Ariel Way Tenant.
• Overall subscription reached 1.15 times, led by QIBs at 1.79 times, while retail and non-institutional portions were under-subscribed at 0.61 times and 0.23 times.
• A zero grey market premium on the eve of listing pointed to a flat debut, following a brief Rs 5 GMP during the bidding phase.
• The Bombay High Court has reserved orders in writ petitions involving the company and promoters, a key overhang flagged by brokerages alongside financial and governance concerns.