Mumbai: Shares of logistics provider Future Supply Chain Solution Ltd rose as much 4.8 per cent on their market debut after the company's Rs 650 crore ($101 million) initial public offering.
By 10.06 am, shares were trading at Rs 680.35, 2.4 per cent higher than their IPO issue price of Rs 664. The main market index was up 0.4 percent. The issue had seen strong demand with investors bidding for nearly 7.5 times the shares on offer.
The IPO was subscribed over seven times. Future Supply Chains is a third party supply chain and logistics service provider based in Mumbai. The company offers automated and IT-enabled warehousing, distribution and other logistics solutions.
The data revealed that the IPO received grim response from retail investors while the qualified institutional and non-institutional investors lapped up the offer. The share of IPO meant for the QIBs was subscribed over 6 times, while the portion meant for the non-institutional investors was subscribed more than 5 times. The retail investors, however, subscribed less than one.
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