The stock of housing finance company Aavas Financiers made a weak debut on the bourses on Monday and ended 6% lower against the issue price of Rs 821 per share.
The stock debuted at Rs 758, a 7.67% discount against its issue price on BSE. During the day, the scrip plunged 13.52% to Rs 710. It finally closed 5.82% lower at Rs 773.15. The company had set a price band of Rs 818 to Rs 821 for its IPO, which closed on September 27 after being subscribed 0.98 times. The issue had received bids for 1.43 crore shares against the 1.47 crore shares offered. The qualified institutional buyers (QIBs) quota was subscribed 2.77 times, HNI 0.26 times and retail individual investors 0.24 times.