NBFC company Aavas Financiers made a weak stock market listing on Monday, opening at Rs 746, a huge 9% discount to the IPO issue price of Rs. 821. On the NSE, the stock listed at Rs. 750 per share.
The Rs 1,734-crore IPO issue of Aavas Financiers that was open between September 25-27 managed to gain 97% subscription amid weak stock market cues.
The IPO included a fresh issue of up to Rs 400 crore and an offer for sale of up to 1,62,49,359 shares, including anchor portion of 63,36,439 shares. Price band for the offer was fixed at Rs 818-821 per share.
At 10:18 am, the stock was trading at Rs 740.30, down 9.83% percent from its issue price on the BSE.
The listing of Aavas Financiers was as expected primarily on account of weak market sentiments and sharp correction in NBFC companies that include HFCs triggered by the latest IL&FS fiasco.
The affordable housing finance company caters to low and middle income self-employed customer segment in rural and semi-urban areas in India.