Aptus Value Housing Finance End 1.7% Lower On Market Debut
Shares of Aptus Value Housing Finance Ltd. declined on their stock market debut after the housing financier's initial public offering witnessed good interest led by institutional and non-institutional investors.
The stock listed at Rs 329.95 apiece on the National Stock Exchange, a 6.53% discount to its IPO price of Rs 353. It thereafter pared some of its losses to hit an intraday high of Rs 354.8. The stock ended its first day at Rs 346.9, down 1.7%.
The South India-focused firm's IPO was subscribed 17.2 times. The company was looking to raise up to Rs 2,780 crore from the primary market, by selling shares at a price band of Rs 346 to Rs 353 per share.
The IPO included a fresh issue worth up to Rs 500 crore and an offer-for-sale of 6.46 crore shares, according to its IPO prospectus. The company intends to use the proceeds to strengthen its capital base.
(Corrects IPO price in the second paragraph.)