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Mumbai: Shares of Aavas Financiers Ltd made a weak debut today, with its shares opening 7.7% lower on the BSE at 758 a piece , compared to the issue price of 821. Aavas Financiers IPO, which was open from September 25 to September 27 at a price band of 818 to 821 per share, was subscribed 97%. At 10.05 am, Aavas Financiers shares were down 12.6% at 725, while benchmark 30-share Sensex traded 0.03% higher at 34,387.58. Earlier in the day, the shares touched a high of 758 and a low of 710.90, respectively.

Aavas Financiers’ IPO was launched in a week that saw a meltdown in stocks of non-banking finance companies. The market sentiment has taken a beating, with the Sensex and the Nifty 50 slumping 1,984 points and 654 points last week respectively.

The share sale which was aimed at raising up to 1,734 crore received 97% subscription (excluding the anchor portion), data from NSE showed.

Aavas, known previously as AU Housing Finance, was the mortgage lending business of Jaipur-based small finance bank AU Small Finance Bank Ltd. In February 2016, Partners Group and Kedaara Capital acquired the company for 900 crore -1,000 crore.

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