Cantabil Retail plunges 22%, Tecpro up 15%
Market listing turned out to be a mixed affair on Tuesday, with two leading firms showing differing debut trends.business Updated: Oct 12, 2010 22:32 IST
Market listing turned out to be a mixed affair on Tuesday, with two leading firms showing differing debut trends.
Apparel maker Cantabil Retail plummeted 22.4 per cent to R105. During the day, it plunged by 24.4 per cent to hit a low of R102 against its issue price of R135 on the Bombay Stock Exchange (BSE).
In a disappointment to investors, shares of the company began the session with a discount of 15.0 per cent at R115 on the NSE. The scrip saw a relatively flat opening, listing 0.9 per cent lower at R134 on the BSE.
Cantabil Retail India Ltd, which raised R105 crore through its initial public offering (IPO), had entered the capital markets with a price band of R127-R135 per share. The company had priced its IPO at R135, the upper end of the price band.
Frenzied buying, meanwhile, pushed the shares of engineering firm Tecpro Systems up 14.9 per cent to R408 on the BSE over its issue price. During the day, the stock had gained a whopping 28 per cent to touch a high of R454, over the issue price of R355.
The stock opened 12.5 per cent above its issue price on the BSE and began trading by 7.0 per cent higher at R380 on the NSE.
Tecpro had priced its IPO in the band of R340-R355 a share. It had entered the market to raise R268 crore via its IPO.
In terms of volume, over four crore shares each of both firms were traded on the bourses.