The shares of V-Mart Retail have made their debut at a premium of 2.86 per cent to the initial public offer price on Wednesday but failed to sustain its growth in the market.
On the Bombay Stock Exchange (BSE), the shares of the company opened at a premium of 2.86 per cent to the initial public offer price of Rs. 210. However, the shares fell 4.75 per cent and were trading at Rs. 205. The shares had opened at Rs 216 on the stock exchange in Mumbai.
The shares of the company opened at Rs. 214 on the National Stock Exchange (NSE). The shares fell 3.2 per cent and were trading at around Rs. 203.30 on the stock exchange this afternoon. More than 4 lakhs have already exchanged hands at both the exchanges.
The New Delhi-based multi-brand retail chain said that its IPO was subscribed 1.19 times while the shares reserved for retail investors were subscribed 0.79 times. Deepak Sharma, CFO, V-Mart Retail had said that the company's net worth would be about Rs. 190 crore following the IPO.
Lalit Agarwal, Chairman, V-Mart said, "We want to be present at the right place with right products. We don't want to tie-up with malls as we want shoppers and not just visitors."