Shares of Runwal Enterprises Ltd made a muted market debut on Monday. The stock listed at ₹306 on the BSE, up slightly from the issue price of ₹305. It later fell to ₹295.15. Many investors had subscribed 2.5 times to the IPO, which aimed to raise ₹500 crore for projects.
Shares of real estate developer Runwal Enterprises Ltd made a muted market debut on Monday.
The stock listed at ₹306, marginally up by 0.32 per cent from the issue price of ₹305 on the BSE.
At the NSE, the stock listed at par with the issue price of ₹305.
Further in the trade, it traded 3.22 per cent lower at ₹295.15 on the BSE.
The company's market valuation was $4,365.68 crore.
The initial share sale of Runwal Enterprises Ltd was subscribed 2.5 times on the final day of bidding on Tuesday last week.
The initial public offering (IPO) had a price band of ₹290-305 per equity share
The initial public offering (IPO) was entirely a fresh issue of equity shares aggregating up to ₹500 crore.
Proceeds from the fresh issue will be used to repay debt, fund future real estate projects and for general corporate purposes.
Runwal Enterprises is engaged in real estate development across affordable, mid-income and luxury residential segments.