Craftsman Automation shares close with 5% discount in debut trade
Shares of auto component maker Craftsman Automation made a tepid market debut and closed with a discount of 5% against its issue price of Rs 1,490
New Delhi: Shares of auto component maker Craftsman Automation on March 25 made a tepid market debut and closed with a discount of 5% against its issue price of Rs 1,490.
The stock listed at Rs 1,350, registering a decline of 9.39% from the issue price on BSE. Later as the trade progressed, it dipped 9.44% to Rs 1,349.20. It closed at Rs 1,433, lower by 3.82%.
On NSE, it debuted at Rs 1,359, a discount of 8.79% from the issue price. It closed lower by 5% at Rs 1,415. The company’s market valuation was at Rs 3,027.69 crore on BSE. In volume terms, 1.75 lakh shares were traded on BSE and over 34.79 lakh on NSE.
The initial public offer of Craftsman Automation was subscribed 3.81 times earlier this month. The Rs 824-crore offer was in a price range of Rs 1,488-1,490 per share.
Net proceeds of the issue will be utilised for repayment or pre-payment of certain borrowings availed of by the company and for general corporate purposes.