Daijiworld Media Network - Mumbai

Mumbai, Apr 2: Shares of Powerica made a weak debut on the stock exchanges, listing at a discount to their issue price and leaving investors with losses on the first day of trading.

The stock opened at Rs 366 on the National Stock Exchange (NSE), marking a 7.34% drop from its issue price of Rs 395. On the Bombay Stock Exchange (BSE), the stock ended its debut session at Rs 375, reflecting a 5.06% discount.

Based on the listing price, investors faced a loss of around Rs 1,073 per lot. This came despite the stock commanding a grey market premium of about Rs 10 per share ahead of its listing, indicating muted sentiment on debut.

The company had raised Rs 1,100 crore through its initial public offering, which was priced at Rs 395 per share with a lot size of 37 shares. The issue saw a modest overall subscription of 1.45 times during the bidding period.

ICICI Securities, Nuvama Wealth Management and IIFL Capital Services acted as the book-running lead managers for the IPO, while MUFG Intime India served as the registrar.