Angel Broking's shares extended losses on Tuesday after investors and fund houses booked their profits as soon as the scrip was listed on the exchanges. The stock fell as much as 4 percent to Rs 265.20 apiece on the NSE. At 9:48 am, the shares traded about 3 percent lower to Rs 268.35.

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Post listing of shares, BNP Paribas Arbitrage offloaded around 50 percent of its shareholding in the company. According to the NSE data, it sold 5,24,649 equity shares in the brokerage firm (representing 0.64 percent of total paid-up equity).

BNP Paribas Arbitrage had a 1.2 percent equity stake or 9,82,051 equity shares in Angel Broking, showed the shareholding pattern available on the exchanges.

The country's largest retail broking house was listed on the bourses with a 10 percent discount over its issue price. The IPO of Angel Broking had received a lacklustre response from the investors, with a total subscription of about 4 times.

It's the first IPO after July that saw a weak debut on the bourses.

Meanwhile, other IPOs listed around the same time including Chemcon Speciality Chemicals and CAMS had a strong debut on their listing days. Shares of Chemcon had more than doubled on October 1.

Angel Broking had said in its RHP (red herring prospectus) that all the proceeds from the issue will be utilized to meet the working capital needs and for general corporate purposes.

The broking house manages Rs 13,254 crore in client assets; over the last one year, the company has more than doubled its overall turnover market share in the retail broking space in India. It has over 21.5 lakh operational broking accounts with workforce strength of 2500 employees.

(Edited by : Ajay Vaishnav)

First Published:Oct 6, 2020 12:08 PM IST