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Coaching service provider Veranda Learning Solutions' shares hit the Street on Monday, joining the few listings so far in 2022. Veranda Learning shares entered the secondary market with a huge gap in the stock prices on BSE and NSE, presenting investors with a rare arbitrage opportunity.

Arbitrage refers to the simultaneous buying and selling of financial security in different markets to take advantage of the difference in prices.

The Veranda Learning Solutions stock finished the listing day at Rs 160.4 on BSE, a premium of 17.1 percent over the upper end of its issue range of Rs 130-137. On NSE, however, the stock settled at Rs 131.3, a discount of 4.2 percent to the issue price.

At the close, the difference between the stock prices of Veranda on BSE and NSE stood at Rs 29.2 per unit.

As many as 22.9 lakh shares changed hands on BSE during the session and 30.4 lakh on NSE, according to exchange data.

The stock moved within a range of 149.2-164.9 apiece on BSE and Rs 125-131.3 apiece on NSE.

Earlier in the day, the Veranda Learning Solutions stock debuted at Rs 157 apiece on BSE and Rs 125 apiece on NSE.

The listing of Veranda Learning shares on bourses BSE and NSE comes at a time when the IPO market has taken a breather following a busy 2022, which saw as many as 63 companies hit the Street with their initial share offerings.

Prior to the listing on BSE and NSE, Veranda Learning had commanded a premium of Rs 15 in the grey market -- an unlisted market for unlisted securities. (What grey market really is)

Under the IPO, the subscription window for which was open from March 29 to March 31, Veranda Learning Solutions were available for bidding in a price band of Rs 130-137 in multiples of 100. That means potential investors could bid for one lot of Veranda Learning Solutions shares for Rs 13,000-13,700.

The IPO saw an overall subscription of 3.5 times the shares on offer. Here's how investors responded to the Veranda Learning Solutions IPO:

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(Edited by : Sandeep Singh)

First Published:Apr 11, 2022 2:28 PM IST