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Angel Broking share makes weak market debut, lists at 10% discount to issue price

Angel Broking stock listed at a discount of 10.13% to its issue price of Rs 306 per equity share on BSE today

twitter-logoBusinessToday.In | October 5, 2020 | Updated 10:22 IST
Angel Broking share makes weak market debut, lists at 10% discount to issue price
Angel Broking share opened at Rs 275 causing investors loss of Rs 31 or 10.13% compared to IPO price band of Rs 338 to Rs 340 per share

Angel Broking share made a weak debut on BSE and NSE today. The stock listed at a discount of 10.13% to its issue price of Rs 306 per equity share on BSE today. The share opened at Rs 275 causing investors loss of Rs 31 or 10.13% compared to IPO price band of Rs 338 to Rs 340 per share. The stock fell 16.33% to intra day low of Rs 256 on BSE.

Total 2.89 lakh shares of the firm changed hands amounting to turnover of Rs 7.96 crore on BSE. Market cap of the firm stood to Rs 2,286 crore. Angel Broking launched its initial public offer (IPO ) on September 22.

Price band of the IPO was fixed at Rs 305 to Rs 306 per equity share. The share sale closed on September 24. The shares have face value of Rs 10 each . Angel Broking raised Rs 600 crore through the share sale which comprised of a fresh issue of Rs 300 crore and offer for sale of Rs 300 crore by promoters and investors.

The offer for sale comprised Rs 18.33 crore and Rs 4.5 crore worth of equity shares by promoters Ashok D Thakkar and Sunita A Magnani respectively, and Rs 120 crore and Rs 157.16 crore by investors IFC and individual selling shareholders, respectively.

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Anchor investors submitted bids for the shares on September 21. Bids were made for a minimum of 49 equity shares and in multiples of 49 shares thereafter.

The IPO of Angel Broking was the eighth public issue in 2020 after SBI Cards, Rossari Biotech, Mindspace Business Parks REIT, Happiest Minds, Route Mobile, CAMS and Angel Broking.

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