Innovative Ideals and Services (India) Ltd. debuts with 6.52% discount at Rs 43.00
05/10/2018 17:10
Innovative Ideals and Services (India) Ltd. makes a weak debut on the bourses with scrip got listed at Rs 43.00 on the Bombay Stock Exchange, a 6.52 per cent discount to its issue price of Rs 46.00.

The company, which raised 0.31 Cr from initial public offering, was subscribed 1.23 times, receiving bids for 37.71 lakhs shares against the total issue size of 30.66 lakhs shares.

The company, listed under MT Group Securities post its IPO, opened for subscription from Sep 24 to Sep 26.

Following a weak opening, the scrip touched an intraday high of Rs 45.15 and a low of Rs 40.90, before closing the session up by 1.84 per cent to its listing price at Rs 45.15 on the BSE.

The company anticipates using the proceeds of the issue for Funding the Working Capital requirements of the Company General Corporate Purposes.

Pantomath Capital Advisors Pvt. Ltd. as lead managers & Bigshare Services Pvt. Ltd. is the registrar, to the issue.

Meanwhile, the broader benchmark BSE Sensex closed trade at 34,376.99, down 792.17 points, or 2.25 per cent.