Fedbank Financial Services Shares Debut at Issue Price

New Delhi, Nov 30 (PTI) Shares of Fedbank Financial Services Ltd (Fedfina), a subsidiary of Federal Bank, made a muted market debut on Thursday and ended at par with the issue price of Rs 140 on the BSE.

The stock listed at Rs 137.75, registering a decline of 1.60 per cent from the issue price, on the BSE. During the day, it hit a high of Rs 148 and a low of Rs 133.15. It finally ended at par with issue price of Rs 140 per share.

On the NSE, the stock made its debut at Rs 138, lower by 1.42 per cent. In intra-day, shares of the company hit a high of Rs 148.25 and a low of Rs 133. It ended marginally higher by 0.17 per cent at Rs 140.25 apiece.

The company commanded a market valuation of Rs 5,165.40 crore.

In the equity market, the 30-share BSE Sensex ended with a gain of 86.53 points at 66,988.44 while the Nifty went up by 36.55 points to 20,133.15 in a highly volatile trade.

The initial public offer (IPO) of Fedbank Financial Services was subscribed 2.20 times on the last day of the share sale on Friday.

The price range for the offer was Rs 133-140 a share.

The issue was a combination of a fresh issue of 4.29 crore shares aggregating to Rs 600.77 crore and an Offer For Sale (OFS) of 3.52 crore shares worth Rs 492.26 crore.

Other newly-listed firms, Gandhar Oil Refinery (India) Ltd and Tata Technologies, made a remarkable market debut on Thursday.