- The stock listed at ₹299.9 as compared to its issue price of ₹300.
- The market capitalisation of the company is at ₹2,000 crore as per BSE.
- It plans to use its net proceeds towards working capital, debt, possible inorganic growth and others.
During the trading session, the stock fell by 5.3% to close at ₹283 per share, ending the day with negative listing gains.
The market capitalization of the company is at ₹2,000 crore as per Bombay Stock Exchange.
The ₹640 crore initial public offer of the business services platform was subscribed 2.9 times the shares on offer. The price band for the offer was fixed at ₹280-300.
On Tuesday,
Here are the listing gains of the last few market debuts
Business services on a platform
The company was incorporated in 2003, and is a business services platform. It offers integrated facilities management and business support services.
It is the second-largest player within the IFM segment, says a Frost & Sullivan report. Its business support services includes audit, assurance, employee background verification, sales enablement and mailroom management and more such.
Integrated facilities management includes soft services, production services, engineering services and much more.
Its IPO is a combination of fresh issue and offer for sale. It intends to use its net proceeds towards funding working capital requirements, repayment of debt, pursuing inorganic initiatives and other general purposes.