NR Vandana Textile shares decline 5% after flat stock market debut on NSE SME
NR Vandana Textile IPO listing: Shares of NR Vandana Textile were off to a tepid start on the Indian stock market on Wednesday, June 4, listing at par to their initial offering price. NR Vandana Textile share price debuted at ₹ 45, offering no gains or losses to investors at listing.
However, the stock soon came under selling pressure after listing, hitting the 5% lower price band of ₹ 42.75 apiece.
The listing, however, was lower than what the market anticipated. According to market sources, the grey market premium (GMP) of NR Vandana Textile's IPO stood at ₹ 9 ahead of the listing. At this level, the listing of NR Vanadana Textile shares was expected to be around ₹ 54 per share, a gain of nearly 20%. However, the stock opened flat.
NR Vandana Textile IPO was open for bidding from May 28 to May 30. The SME IPO, worth ₹ 27.89 crore, was entirely a fresh issue of 61.98 lakh shares.
NR Vandana Textile IPO price band was set at ₹ 45 per share. The minimum lot size for an application was 3,000, requiring a minimum investment by a retail investor of ₹ 1,26,000.
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