Shriram Properties share price: Shares in Shriram Properties - a part of the Shriram group - made a weak debut in the secondary market on Monday, listing on BSE at Rs 94, a discount of 20.3 percent to its issue price of Rs 118. On NSE, the realty developer's stock debuted at Rs 90, a discount of 23.7 percent.

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The listing was at a discount as the headline indices plunged about 2.5 percent each tracking a sell-off across global peers, after tighter restrictions in Europe to tackle rising Omicron cases. Shriram Properties' debut on Dalal Street was in stark contrast to the trend seen in the grey market, an unofficial market for unlisted securities.

Shriram Properties commanded a grey market premium (GMP) of Rs 10 ahead of the listing, said dealers.

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During the Shriram Properties IPO, which was open for bidding from December 8 to December 10, the company had commanded a GMP of Rs 10-20, according to dealers.

“Ahead of a busy week for the primary market, we are noticing stiff correction which has blurred sentiments so far... Despite being a reasonably priced issue, the downward trajectory on the revenue front has dented the appeal of the Shriram Properties,” said Abhay Doshi, Co-Founder of Unlisted Arena, a portal that tracks grey markets and deals in unlisted securities.

Doshi expected a neutral or discounted listing of Shriram Properties shares prior to the debut.

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Shriram Properties' IPO saw an overall subscription of 4.6 times, receiving bids for 13.5 crore equity shares against the 2.9 crore shares on offer. The qualified institutional buyer (QIB) and non-institutional investor categories were subscribed 1.9 times and 4.8 times respectively. The portion reserved for retail investors was booked 12.7 times.

During the Shriram Properties issue, shares were available for bidding in a price band of Rs 113-118.

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(Edited by : Ajay Vaishnav)

First Published:Dec 20, 2021 10:00 AM IST