Punjab, Oct. 5 -- AceVector listed at Rs 28.32 on the NSE and Rs 28.30 on the BSE - about 11.5% below its Rs 32 issue price. Snapdeal's parent has gone public at a discount.
How the issue ran
The Rs 420 crore offer - Rs 287 crore fresh, Rs 133 crore offer for sale - was priced at Rs 30 to Rs 32 and closed subscribed 4.93 times.
It was 23% covered on day one, 4.92 times by the close, and listed 11.5% down.
Why a 4.9x book can still list at a discount
Because subscription measures demand at a price, not belief in it.
Non-institutional investors drove that multiple at 8.53 times, and retail at 4.83. The qualified institutional portion was the weakest of the three. When the institutional bid is thin and the non-institutional bid is heavy,...