MaymyIndia (CE Infosystems Limited) made a strong debut on Dalal Street as the company’s stock listed at a premium of over 50 per cent to its issue price of Rs 1,033. However, the shares of the company struggled to hold to the listing momentum.
On the Bombay Stock Exchange (BSE), the stock opened at Rs 1,581 or at a 53 per cent premium to its issue price of Rs 1,033. On the National Stock Exchange (NSE), MapmyIndia shares were listed at Rs 1,565 apiece.
While the company saw a strong market debut, it struggled to hold listing gains as its share price fell shortly after. At around 10:10 am, the shares of the company were down to Rs 1,370 on the BSE, with the premium coming down to 32 per cent. On the NSE, too, the shares of the company fell sharply after getting listed.
MaymyIndia’s Rs 1,039.61 IPO was well positioned to make a bumper stock market debut, but prevailing market conditions held back gains. Even then, the company’s IPO had got a strong reception as it was subscribed over 154 times.
Read | 4 companies heading for stock market debut this week. Check details
The company, which is a leading provider of advanced digital maps, geospatial software and location-based IoT technologies, received bids for 108 crore shares compared to the offer size of just over 70 lakh shares.
A majority of the brokerages gave a ‘subscribe’ rating to the issue, based on its strategic business, financial position and profitability. While some brokerages had asked investors to subscribe for listing gains, others had based their recommendation on the long-term prospect of the company.