Abans Holdings had a disappointing debut on the Indian stock exchanges as the share closed at its lower circuit at the end of Friday's trading session. The scrip opened at Rs 273, at a negligible premium over its issue price of Rs 270, on the NSE. This was also the share's highest trading price of the day.
By the time the NSE closed for the day, the scrip had tanked almost 20 per cent to end at Rs 218.40. On the BSE also, Abans hit the lower circuit, closing its initial trading day at Rs 216.
Overall, the financial services arm of Abans Group traded with a volume of 1.36 lakh shares on the BSE, and 17.12 lakh shares on the NSE.
Last week, the initial public offering (IPO) of Abans Holdings had received 1.10 times subscription. Its price band was fixed at Rs 256-270 a share.
The scrip did not cause much excitement in the grey market either, trading with very low GMP, leading to general expectation of a tepid opening on the primary markets as well.
The company operates a diversified global financial services business, providing Non-Banking Financial Company (NBFC) services, global institutional trading in equities, commodities and foreign exchange, private client stockbroking, depositary services, asset management services, investment advisory services, and wealth management services to corporates, institutional and high net worth individual clients.
Currently, it has active businesses in the UK, Singapore, the UAE, China, Mauritius, and India.
(With PTI inputs)