Shriram Properties Shares End 16% Down On Market Debut
Shriram Properties' shares closed at Rs 98.90 apiece on first trading day, down 16.18%.
Shares of Shriram Properties Ltd. fell on market debut even as its initial public offering was subscribed more than four times.
The real estate developer's stock listed at Rs 90 apiece, a 23.73% discount to its IPO price of Rs 118, on the National Stock Exchange. The stock saw an intraday high of Rs 106.40. It ended first trading day at Rs 98.90 apiece, down 16.18%, against a 2.18% dicline in the benchmark Nifty 50%.
The IPO—a combination of Rs 250-crore fresh issue and Rs 350-crore offer for sale—saw retail investors lead the bidding, with the portion reserved for them subscribing 12.72 times.
Shriram Properties primarily focuses on mid-market and affordable housing.
It’s among the top five residential real estate developers in south India by the number of units launched between 2012 and the third quarter of 2021 across tier-1 cities of the region, including Bengaluru, Chennai and Hyderabad.