Shriram Properties made a weak debut on the bourses on Monday, listing at over 20 per cent discount over the IPO price of ₹118.

It listed at ₹94 on the BSE, down ₹24 or 20.34 per cent from the issue price.

On the NSE, it listed at ₹90, down ₹28 or 23.73 per cent.

The company had fixed the IPO price at ₹118, at the upper end of the price band. The firm raised ₹600 crore through the issue.

IPO subscription

The initial public offering (IPO) of Shriram Properties was subscribed 4.6 times. While the QIB portion was subscribed 1.85 times, those of non institutional investors was subscribed 4.82 times and that of retail individual investors by 12.72 times. Employees’ segment too was subscribed 1.25 times.

The company had raised a little over ₹268 crore from anchor investors ahead of the IPO. BNP Paribas Arbitrage, Societe Generale, SBI Life Insurance Co Ltd, HDFC Life Insurance Company, Sundaram Mutual Fund (MF), Aditya Birla Sun Life MF, and HDFC MF are among the anchor investors.

The net proceeds from the issue will be used towards repayment and/ or pre-payment of debt and general corporate purposes, the company had said.

Santosh Meena, Head of Research, Swastika Investmart said, "The IPO saw a muted demand on the back of losses where other real estate companies were booming in the last two years. In the upcoming years, real estate is likely to perform better."

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