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Spandana Sphoorty Financial Falls 19%% Below IPO Price On Stock Market Listing

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Spandana Sphoorty Financial Ltd. makes a tepid listing at a discount of 3.6% at Rs. 825 per share on the NSE against its issue price of Rs. 856. In trade thereafter, the stock hit an intra-day low of Rs. 690 on the BSE while on the NSE it logged a day's low of Rs. 691.10, falling a staggering 19% below the issue price.

Spandana Sphoorty Falls 19%% Below IPO Price On Stock Market Listing
 

On the last day of bidding, the Rs. 1201 crore issue of the microfinance lending institution was subscribed 1.05 times. As per data with the stock exchange, portion reserved for QIB was subscribed 3.10 times, non-institutional investors 56% and retain portion was subscribed 9%.

The proceeds of the IPO issue will be used to increase the company's capital base for meeting future requirements as well as for general corporate purposes.

Spandana Sphoorty, a Hyderabad-based microfinance institution, is the country's fourth largest NBFC with AUM worth Rs 4,437 crore as of June 30. The company primarily caters to women from low-income households and extends loan under the joint liability group model.

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