Shares of power trading bourse Indian Energy Exchange Ltd fell as much 9 per cent in its market debut on valuation concerns.

The stock got listed at Rs 1,500, down 9 per cent from the issue price of Rs 1,650 on the BSE. On the NSE, the stock debuted at Rs 1,500.

At the closing trade, the stock was down 1.43 per cent at Rs 1,626.45 on the BSE. In terms of equity volume, 6.05 lakh shares of the company were traded on the BSE. The company’s market valuation stood at Rs 4,932.80 crore.

The initial public offer of IEX was oversubscribed 2.23 times during October 9-11. The IPO opened in a price band between ₹1,645 and ₹1,650. The entire issue was an offer-for-sale with existing shareholders selling 60.65 lakh shares to raise ₹1,000 crore.

Indian Energy Exchange raised Rs. 1,001 crore through its initial share sale offering. Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings managed the company’s public issue.

Indian Energy Exchange garnered a little over Rs. 300 crore from anchor investors, ahead of its initial public offering. The company allotted 18,19,501 equity shares to 23 anchor investors at a price of Rs. 1,650 per share. At this price, the total amount worked out to be Rs. 300.22 crore.

SBI Mutal Fund (MF), Birla Sunlife MF, Birla Sunlife Trustee Company, ICICI Prudential MF and Nomura were among the anchor investors.

IEX is India’s first power exchange providing automated trading platform for electricity (for physical delivery) and renewable energy certificates.