Angel Broking shares list at 10% discount against IPO issue price

At NSE, it plunged 10.13% to ₹275 in debut trade. The company’s market valuation was at ₹2,390.98 crore on BSE.

Angel Broking Ltd made a weak debut on Monday as its shares declined more than 10% on BSE Sensex and NSE Nifty against the issue price of ₹306 for every piece. Angel Broking stock tanked 10.13% to ₹275 on the BSE and later fell 16.14% to ₹256.60.

Angel Broking Ltd made a weak debut on Monday as its shares declined more than 10% on BSE and NSE. (Bloomberg Photo)

At NSE, it plunged 10.13% to ₹275 in debut trade. The company’s market valuation was at ₹2,390.98 crore on BSE.

The initial public offering (IPO) of Angel Broking was subscribed nearly four times last month. Price range for the company’s ₹600-crore offer was fixed at ₹305-306 apiece.

Edelweiss Capital, ICICI Securities and SBI Capital Markets were book-running lead managers to the issue and Link Intime India was the registrar.

Angel Broking had launched its IPO on September 22 with an aim to raise an estimated ₹600 crore to meet working capital requirements and for general corporate purposes. The fourth-largest broking firm was aiming to raise the amount through the IPO. It comprise fresh issuance of shares worth ₹300 crore and offer for sale of ₹300 crore by promoters and other shareholders.