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Puravankara makes debut at a discount

Puravankara makes debut at a discount
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First Published: Fri, Aug 31 2007. 12 49 AM IST
Updated: Fri, Aug 31 2007. 12 49 AM IST
Puravankara Projects Ltd, the Bangalore–based real estate development company that was forced to scale back its share offer amid market volatility, closed at Rs362.30 a share on the National Stock Exchange (NSE) on its debut, a discount to its issue price.
The final traded price on NSE was almost a 10th lower than the issue price of Rs400 that investors paid during the initial public offer (IPO) that closed on 8 August.
There were wide fluctuations during the day’s trading, ranging from a high of Rs390 to a low of Rs310. About Rs401 crore worth of shares changed hands during the day.
The Puravankara IPO, which initially opened to investors on 31 July in a price band of Rs500-525 per share, was subsequently offered at a reduced Rs400-450 band owing to a low offtake of shares, which the company blamed on volatility in the global equity markets.
Puravanakara found takers for just one-fourth of the 21.5 million shares on the first day of offer.
On the Bombay Stock Exchange, the shares closed at Rs361.75 a share. Here, too, there was a fair element of volatility with the scrip hitting a high of Rs399 and a low of Rs357.55 a share.
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First Published: Fri, Aug 31 2007. 12 49 AM IST