20 Dec , 2021 By : monika singh
New Delhi: Shares of Shriram Properties made a tepid debut on Dalal Street on Monday as the scrip listed at Rs 90, a discount of 23.74 per cent over its issue price of Rs 118 on NSE. On BSE, the stock listed at Rs 94.
A day ahead of its listing on the bourses, shares of the south India-based real estate player were trading at a discount of Rs 10-15 in the grey market, signaling towards a muted listing.
The IPO of Shriram Properties was open for subscription between December 8-10. The company sold its shares in the range of Rs 113-118 apiece during the three-day bidding process.
It raised Rs 600 crore via the initial stake sale, that included a fresh issue of Rs 250 crore and an offer for sale (OFS) worth Rs 350 crore. The company had trimmed the OFS size from Rs 550 crore, reducing the issue size.
Incorporated in 2000, Shriram Properties is a part of the Shriram Group and is one of the leading residential real estate development companies in South India. It primarily focuses on the mid-market and affordable housing segments.
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