BT Online New Delhi Last Updated: May 9, 2017 | 13:33 IST
S Chand & Company (S Chand) has listed at a 3 per cent gain at Rs 689 against its initial offer price of Rs 670 per share on the BSE.
However, the scrip lost momentum in its rally and was trading at a discount after an hour.
The listing was flat compared to the demand it received from its investors - It was oversubscribed 59.28 times, and garnered Rs 219 crore from anchor investors.
The company's issue received bids for 45,56,00,794 shares against the total issue size of 76,85,284 shares, according to data by NSE.
Most of the proceeds from the issue will be diverted to repay loans acquired by the educational company and its subsidiaries.
It aims to reduce its debt by 75 per cent from the IPO.
S Chand & Company is India's oldest and largest publisher and educational services company.
