Realty firm Suraj Estate Developers Ltd witnessed a 4.5 percent decline in its shares during the debut on December 26, following a substantial oversubscription of its initial public offering the previous week.
The stock, opening at Rs 343.80 on the BSE, experienced an immediate 4.5 percent dip. By 10:05 am, the shares were trading at Rs 335 on the BSE, marking a 7 percent decrease from the issue price of Rs 360 per share.
Suraj Estate Developers’ Rs 400 crore IPO garnered a subscription of 15.65 times, with investors bidding for 12.88 crore shares against the offer size of 82.35 lakh shares. Despite the strong investor interest during the subscription period, the market debut indicated a lackluster start for the realty firm’s shares.
