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Shares of Khadim India drop 9% on debut

by www.business-standard.com
Shares of footwear company Khadim India dropped nearly 10 per cent during their stock market debut on Tuesday. The stock ended at Rs 680.5, down 9.3 per cent, or Rs 69.5 over its issue price of Rs 750 per share. A day earlier, shares of New India Assurance too had declined nine per cent during their trading debut. Market players say back to back weak listings could hurt investor sentiment towards primary issuances. In intra-day trade, shares of Khadim touched an intra-day high of Rs 740 and a low of Rs 677.3, with a total of Rs 244 crore worth of shares changing hands on BSE and the NSE.Khadim's Rs 540-crore IPO had garnered less than two times subscription. The retail portion of the IPO was subscribed 2.3 times, while institutional investor category was subscribed 2.5 times. Shares reserved for high net-worth individual (HNI) had remained unsubscribed. Khadim's IPO comprised of offer for sale by promoters and private equity players worth Rs 493 crore and fresh fund raising worth Rs ..
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