IVR Prime lists with 9% discount at Rs 500

Real estate player IVR Prime Urban Developers was listed with a discount of 9.09% at Rs 500 on the Bombay Stock Exchange over its issue price of Rs 550. The company made its debut on a rough day as both the benchmark indices of BSE and National Stock Exchange tumbled in the opening trade.

Written by Markets Bureau

August 17, 2007 00:00 IST

Real estate player IVR Prime Urban Developers was listed with a discount of 9.09% at Rs 500 on the Bombay Stock Exchange (BSE) over its issue price of Rs 550. The company made its debut on a rough day as both the benchmark indices of BSE and National Stock Exchange (NSE) tumbled in the opening trade.

Within minutes of listing, the shares of the company touched a low of Rs 388.25, but managed to close higher at Rs 418.55. The closing price shows that the stock lost 23.90% on the first day of listing against the issue price. The counter saw over 76 lakh shares changing hands on BSE. Similar trend was witnessed on the NSE, where the company got listed at Rs 456.25, touched a low of Rs 385. Of the total issue proceeds, the company plans to deploy Rs 334.7 crore to meet development and construction cost of its IT Park and a mall at Hyderabad.

This article was first uploaded on August seventeen, twenty seven, at zero minutes past twelve in the am.