Gurunanak Agriculture India Ltd. makes a weak debut on the bourses with scrip got listed at Rs 60.00 on the Bombay Stock Exchange, a 20.00 per cent discount to its issue price of Rs 75.00. On the National Stock Exchange, the stock was listed at Rs 60.00.
The company, which raised 0.38 Cr from initial public offering, was subscribed 0 times, receiving bids for 0 lakhs shares against the total issue size of 38.40 lakhs shares.
The company, listed under ST 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 60.00 and a low of Rs 57.00, before closing the session up by 24.00 per cent to its listing price at Rs 57.00 on the NSE.
The company anticipates using the proceeds of the issue for A Funding Capital Expenditure for setting up Harvester Manufacturing UnitB Working Capital RequirementsC General Corporate PurposesD To meet the Issue ExpensesThe Company believes that listing will enhance the Company’s corporate image, visibility of the brand name and create apublic market for its Equity Shares in India It will also make future financing easier and affordable in case of expansion ordiversification of the business Further, listing attracts interest of institutional investors as well as foreign institutionalinvestors.
Finshore Management Services Ltd. as lead managers & Cameo Corporate Services Ltd. is the registrar, to the issue.
Meanwhile, the broader benchmark NSE Nifty closed trade at 24,836.30, up 225.20 points, or 0.91 per cent.