R K Swamy closes 9% lower on debut day, Bharat Highways InvIT climbs 3%

R K Swamy shares had a disappointing day, closing with nearly a 9 percent loss on March 12, but Bharat Highways Infrastructure Investment Trust performed better, ending the first session with 3 percent gains.

In fact, R K Swamy's listing performance was lower than analysts' expectations as they were expecting flat debut for the stock despite healthy IPO subscription numbers.

The stock opened 13.2 percent lower on NSE at Rs 250, against the issue price of Rs 288. It could not see even its issue price as it touched an intraday high of Rs 284.90 and a low of Rs 243 during the day.

Finally, it settled 8.82 percent down at Rs 262.60, with a volume of 1.09 crore equity shares, while on the BSE, it closed at Rs 263.25, down 8.6 percent with a volume of 6.91 lakh equity shares.

The marketing services provider launched its Rs 424-crore public issue last week, which was subscribed 25.94 times during March 4-6. The IPO was comprised of a fresh issuance of shares worth Rs 173 crore and an offer-for-sale (OFS) of 87 lakh shares worth Rs 250.56 crore by promoters and investors.

The price band for the IPO was Rs 270-288 per share.

Meanwhile, Bharat Highways InvIT opened the debut session higher at Rs 101, which was also its day's low and hit an intraday high of Rs 104.

Finally, it settled at Rs 103.05, up 3.05 percent over the issue price of Rs 100 per unit.

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The infrastructure investment trust that acquires, manages, and invests in a portfolio of infrastructure assets in India, has mobilised Rs 2,500 crore through its initial public offering. It was entirely a fresh issue by the trust and had a price band of Rs 98-100 per unit.

The Bharat Highways InvIT IPO was subscribed 8.01 times between February 28 and March 1.