Angel Broking Ltd. debuted at a 10% discount to its issue price, more than a week after the brokerage’s initial public offering closed with a muted response.
The stock started trading at Rs 275 apiece compared to its issue price of Rs 306, according to data available on the exchanges. That compares with a 24-115% premium on listing by previous debutantes such as CAMS Ltd., Route Mobile Ltd., Happiest Minds Technologies Ltd. and Chemcon Specialty Chemicals Ltd.
The 600-crore IPO of Angel Broking subscribed nearly 4 times on the final day of bidding. The category reserved for qualified institutional buyers subscribed 5.74 times, while retail individual investors 4.31 times. Non-institutional investors bid for 69% shares on offer.
The offers for CAMS, Route Mobile, Chemcon Specialty and Happiest Minds had subscribed 47-151 times. Another IPO by Mazagon Dock Shipbuilders Ltd. subscribed 158…