Kerla-based V-Guard Industries, a company engaged in electrical and electronic products business, was unable to sustain listing premium of 9.76% in adverse market conditions and slipped 10.98% lower at the National Stock Exchange (NSE) on Thursday.
Shares touched a high of Rs 98.95 and a low of Rs 72.60. It closed with a premium of Rs 9, or 10.98%, at Rs 73. Total volume of shares traded was 19,509,563 and the total turnover was Rs 1,618.12 million at the NSE.
V-Guard Industries is engaged in the manufacturing and marketing of electrical and electronic products. The initial public offering of the company received 2.70 times subscription. It decided to issue shares at a price of Rs 82 a share of Rs 10 each as against price band of Rs 80 to Rs 85 a share.
The capital raised from the issue will be deployed to set up cable manufacturing facilities in Coimbatore and Uttaranchal, enameling plant at Coimbatore, development plants for water heaters, fans and pumps at Himachal Pradesh and Coimbatore, service and distribution centers at Bangalore, Hubli and Vijaywada.