Investors Dump Shares; Stock Slides 6%

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For Daily Alerts, a company into the business of online matchmaking and other marriage related services, listed on the BSE with little enthusiasm at Rs. 985 which was the same as the issue price for the IPO. However, weak market sentiments led investors to dump the stock, which dropped 6 per cent and was last seen trading at Rs 923 on the BSE. was a heavily priced IPO, but, investors recently have had little concern for valuations, due to bullish market sentiments. Check stock quote of

    Investors Dump Shares; Stock Slides 6%

    The issue included issue of fresh shares of up to Rs. 130 crore as well as an offer for sale of 37,67,254 equity shares. The issue also comes with a reservation of upto Rs. 50 lakh shares for eligible employees of the company. From anchor investors, the company has already raised Rs. 225.88 crores of shares.

    On the whole, the issue was subscribed 4.44 times; and the share of QIB subscription, non-institutional and retail investors was 1.88 times, 41% and 18.16 times respectively. The company's stock is now part of the 'B' group of securities on the BSE.

    Weaker financials in comparison to other peers did not go well in line with the steep valuations of the issue; which was priced at 46.2 times PE ratio for FY 17, as per few of the analysts.

    Read more about: ipo matrimony com issue price bse
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