Mumbai, Feb 18 (PTI) Shares of software security solutions provider Quick Heal Technologies made a weak stock market debut today, falling 5 per cent over the issue price of Rs 321.
The stock listed at Rs 304.95 on BSE, down 5 per cent from the issue price.
Later, it saw some recovery and climbed 2.78 per cent to touch the day's high of Rs 329.95, but soon reversed the gains and was trading lower 5.34 per cent at Rs 303.85. At NSE, the company debuted at Rs 305, loss of 4.98 per cent.
It commands a market valuation of Rs 2,125.76 crore. On the volume front, 22.35 lakh shares of the company changed hands at BSE and over 84 lakh at NSE during the morning trade.
The company's Rs 451 crore IPO, which closed on February 10, was over-subscribed 11 times at a price band of Rs 311-321 per share. In the IPO, the portion set aside for qualified institutional buyers (QIBs) was subscribed 4.34 times, retail investors saw 3.8 times subscription and the non-institutional investors category was subscribed by 36.7 times.
While the proceeds from the offer of sale will not go to Quick Heal, the Rs 250-crore funds raised from fresh issue of equity shares will be used by the company for advertising and sales promotion and capital expenditure for research and development.
Quick Heal, which provides software security products and solutions in India, said proceeds will also be invested to purchase, develop and renovate its office premises in New Delhi, Kolkata and Pune as well as for general corporate needs.