Mumbai: Shares of Persistent Systems Ltd closed 31.61% above its initial public offer price of Rs310 on its first day of listing on the Bombay Stock Exchange (BSE) on Tuesday. The stock closed at Rs408 after opening at Rs400 and reaching highs and lows of Rs448 and Rs386, respectively, in intra-day trading. The benchmark Sensex closed 0.03% higher at 17,941.37 points.
On the National Stock Exchange, Persistent Systems shares closed at Rs404.70. The shares opened at a low of Rs361.6 but hit a high of Rs447.3 during the day’s trade.
Persistent Systems’ initial public offering had been subscribed 93.6 times. The portion for qualified institutional buyers had been subscribed 144.43 times, for high net worth individuals 107.73 times, and retail investors 21.69 times.