Angel Broking Shares Debut At 10% Discount

Angel Broking shares made a weak debut on the bourses on Monday, starting the day at a discount of more than 10 per cent compared to its issue price. Poor investor interest in Angel Broking shares follows the Mumbai-based brokerage's initial public offer (IPO) worth Rs 600 crore, which was subscribed nearly four times. The Angel Broking opened at Rs 275 apiece on the BSE, marking a discount of Rs 31 - or 10.13 per cent - compared to the higher end of its issue price of Rs 305-306.

The Angel Broking stock quoted in a range of Rs 296.45-256.60 apiece on the bourse, before settling at Rs 275.85 for the day. At the weakest level of the day, the stock traded at Rs 256.60, down 16.14 per cent compared to the issuer price. 

Angel Broking's market valuation stood at Rs 2,256.42 crore at the end of the first day of trade. A total of 8.94 lakh shares were traded on the BSE during the session.

Angel Broking shares underperformed benchmark indices S&P BSE Sensex and NSE Nifty 50, which ended 0.71 per cent and 0.76 per cent respectively higher, led by IT, metal and select financial stocks.

The Rs 600-crore IPO of Angel Broking, which was open for bidding between September 22 and September 24, was subscribed 3.94 times, with 5.4 crore bids for its total issue size of 1.37 crore. The initial public offer comprised a fresh issue and an offer for sale (OFS) each of Rs 300 crore.

Incorporated in 1996, Angel Broking is one of the oldest stock broking houses in the country, providing broking, advisory and financial services to investors.