Dull debut: IDR closes below its issue price

Even as the Sensex traded strong on stable global cues, the country’s first Indian Depository Receipt (IDR) of Standard Chartered closed below its issue price of Rs 104 on its listing day on Friday.

Even as the Sensex traded strong on stable global cues, the country’s first Indian Depository Receipt (IDR) of Standard Chartered closed below its issue price of Rs 104 on its listing day on Friday.

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StanChart came out with its IDR in May and raised close to Rs 2,500 crore.

The IDR touched an intra-day high of Rs 106.4 and a low of Rs100.2 before closing the day at Rs 103.7.

While 10 IDR are equal to one share listed in London, the share price at the London Stock Exchange stood at 1,613 pence (Rs 1,104 per share). Thus the price of the IDR should have been Rs 110 but it is at a discount and trading at Rs 103.7.

The issue had earlier failed to attract the retail investors.