Shares of Five Star Business Finance on Monday made a tepid market debut, listing with a discount of 5 per cent, against the issue price of Rs 474.
The stock listed at Rs 449.95, registering a decline of 5 per cent from the issue price on the BSE. It later bounced back and was trading at Rs 482.95, higher by 1.88 per cent.
At the NSE, it made its debut at Rs 468.80, lower by 1 per cent.
The Initial Public Offering (IPO) of Five Star Business Finance was subscribed 70 per cent on the last day of subscription on November 11.
For the IPO, the firm had fixed the price band at Rs 450-Rs 474 per share.
The IPO was entirely an Offer-For-Sale (OFS) of shares to the tune of Rs 1,960 crore by existing shareholders and promoter group entities.
The Chennai-based Non-Banking Financial Company (NBFC) is backed by investors like TPG, Matrix Partners, Norwest Ventures, Sequoia and KKR.