NEW DELHI: Chemical manufacturer Fine Organic Industries made a decent debut on the stock market on Monday after its initial public offering (
IPO) was oversubscribed 9 times.
The scrip got listed at Rs 815, at a 4 per cent premium over issue price. The stock however, faced early losses and was down 0.80 per cent at 10.20 am
Fine Organic's IPO was also open during June 20-22. The price band for the offer was fixed at Rs 780-783 per share.
JM Financial and
Edelweiss Financial Services managed the IPO.
Qualified institutional buyers (QIBs) portion was subscribed 12.86 times, non-institutional investors 21 times and retail investors 1.44 times.
Fine Organic Industries had filed draft papers with the Securities and Exchange Board of India to float the IPO in February.
