The IPO whose price band was fixed at Rs 745-750 per share was oversubscribed 1.90 times.
The stock ended at Rs 688.5, down by Rs 61.5 or 8.2% from its previous closing of Rs 750 on the BSE. The scrip opened at Rs 727 and touched a high and low of Rs 740 and Rs 677.3 respectively.
The IPO comprised the fresh issue of equity shares aggregating up to Rs 50 crore, besides an offer for sale of up to 65,74,093 shares by existing shareholders.
The net proceeds from the issue are to be utilized towards payment of loans and general corporate purposes.