Mumbai: Shares in Indian power utility JSW Energy briefly fell below its IPO price on Monday afternoon after a strong stock market debut in the morning triggered profit taking.
At 2:20pm, shares in the company were at Rs100.20 after slipping to Rs99.90, below the IPO price of Rs100.
The stock listed at Rs102.55 and hit a high of Rs106.40 earlier. The broader BSE index was up 0.5%.
The company had raised $579 million in the IPO that was subscribed 1.7 times when it closed on 9 December, with institutional investors making up for the shortfall in retail demand.
The 270-million-share offering was priced at the lower end of a Rs100-115 band.