Friday, March 14, 2008

Bang Overseas trading at less than half of its IPO price

Comparing the IPO price of Bang Overseas and its current price would encapsulate the current market scenario or at least that of companies that have listed on the bourses recently.

Textile firm Bang Overseas is currently trading at about Rs 97, which is less than half of its IPO price.

The Mumbai-based apparel maker had got listed at decent premium of 20% at Rs 250 as against its issue price of Rs 207 on Feb. 20, 2008. But in less than a month, the scrip has been hammered to shape.

The scrip was last trading almost flat at Rs 96.70 on volumes of 15,986. (10.54 a.m., Friday)

And Bang Overseas is not an anomaly. It has been a norm.

Whether it will come close to its issue price even in near future? Many would shudder to answer this question.

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