The Kolkata based shoe maker opened its IPO issue of Rs. 543 crore with a price band of Rs. Rs745-750 per share from November 2-6. The stock listed at Rs. 720 on the BSE, a 4.5% discount in comparison to the issue price.
Analysts see the scrip to be heavily priced and do not give a buy call for the stock at the steep valuation for the home grown shoe maker.
On the last day the issue was subscribed fully with bids received for 50,73,006 shares for the issue size of 50,73,006 shares. In total the issue was subscribed 1.90 times during November 2-6
The net proceeds from the issue are to be utilized towards payment of loans and general corporate purposes.
Axis Capital and IDFC Bank were the book running lead managers to the issue.
Incorporated in 1981, the company entered into retail business in 1993. At the end of June this year, it had 853 retail store outlets in different parts of the country.
At 10:09, the stock was trading flat with par at the listing price of Rs. 720 on the BSE