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L&T Finance Holdings got listed on the Bombay Stock Exchange today at Rs 51 apiece, a discount of nearly 2 per cent vis-a-vis its issue price of Rs 52.
However, within minutes of listing, the stock crawled its way back to the issue price level of Rs 52.
Subsequently, some of the initial gains were pared and the stock was trading at Rs 50.50, down 2.88 per cent, on the BSE. Over 1.30 crore shares of the company changed hands on the BSE in the early trade.
The company, which raised Rs 1,245 crore through its initial public offer, plans to use the proceeds from the issue in five L&T subsidiaries — L&T Infrastructure Company, L&T Finance, India Infrastructure Developers, L&T Investment Management and L&T Mutual Fund Trustees.
The portion reserved for QIB bidders got subscribed 1.93 times, non-institutional investors 6.13 times and retail investors 8.64 times.
According to market experts, there were some concerns about the valuation of the stock vis-a-vis its listed peers. Besides, the overall volatility in the markets also affected the stock.
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