Multi-product engineering company Innoventive Industries made a weak debut on the bourses today, opening nearly 6 per cent lower on the BSE vis-a-vis its issue price of Rs 117 per share.
The stock opened at Rs 110, down 5.98 per cent from the issue price on the Bombay Stock Exchange (BSE). Within minutes, the stock slipped by 13.33 per cent to trade at Rs 101.40. On the National Stock Exchange, the scrip debuted at Rs 111.95, down 4.31 per cent vis-a-vis its issue price.
In terms of volume, over 65 lakh shares of the company changed hands on the bourses within the first few minutes of trade.
The Pune-based company had entered the capital market with a price band of Rs 117-120 a share through a Rs 219.58 crore public offer.
The company plans to utilise the proceeds of the IPO on capacity expansion of its manufacturing facility located at Pimple Jagtap in Pune, repayment of term loans and general corporate purposes.
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