FSN E-Commerce Ventures Ltd. makes a strong debut on the bourses with scrip got listed at Rs 2,001.00 on the Bombay Stock Exchange, a 77.86 per cent premium to its issue price of Rs 1,125.00. On the National Stock Exchange, the stock was listed at Rs 2,018.00.
The company, which raised 4.76 Cr from initial public offering, was subscribed 0 times, receiving bids for 0 lakhs shares against the total issue size of 475.73 lakhs shares.
The company, listed under B Group Securities post its IPO, opened for subscription from Oct 28 to Nov 01.
Following a strong opening, the scrip touched an intraday high of Rs [BSEHighPrice] and a low of Rs [NSEHighPrice], before closing the session [UpDown] by [ChangePer] per cent to its listing price at Rs [ClosingPriceBSE] on the BSE.
The company anticipates using the proceeds of the issue for Investment in certain of our Subsidiaries, namely, FSN Brands and / or Nykaa Fashion for funding the setup of new retail stores; Capital expenditure to be incurred by our Company and investment in certain of our Subsidiaries, namely, Nykaa ERetail, Nykaa Fashion and FSN Brands for funding the setup of new warehouses Repayment or prepayment, in full or in part, of certain borrowings availed by our Company and one of our Subsidiaries, namely, Nykaa ERetail; Expenditure to acquire and retain customers by enhancing the visibility and awareness of ourbrands General corporate purposes.
Morgan Stanley India Company Private Limited,Kotak Mahindra Capital Company Limited as lead managers & Link Intime India Private Limited is the registrar, to the issue.
Meanwhile, the broader benchmark BSE Sensex closed trade at 60,433.45, down 112.16 points, or 0.18 per cent.