Carraro India share price jumps after listing at 7.50% discount on NSE
- Carraro India share price opened on the BSE at ₹660 apiece whereas on the NSE it listed at ₹651 apiece
Stock market today: Meeting the market estimates, Carraro India's share price is listed on the Indian stock market at a discounted price. Carraro India's share price had a discounted opening on the BSE at ₹660 apiece, ₹44 per share or 6.25% lower than the upper price band of ₹704 apiece. Likewise, Carraro India shares are listed on the NSE at ₹651 per share, ₹53 or 7.53% lower than the upper price band.
However, after a discounted listing in the Indian stock market, Carraro India's share price witnessed strong buying at the lower levels. After the weak opening, the stock climbed to an intraday high of ₹682 on the BSE and the NSE. However, the stock could sustain higher levels and slip below the listing price. Currently, at 10:04 AM, Carraro India's share price is quoting 636.75 apiece on the BSE and ₹640.75 apiece on the NSE.
Carraro India IPO details
By the close of bidding on Tuesday, Carraro India Ltd's IPO had been subscribed to 1.12 times. The portion reserved for qualified institutional buyers (QIBs) saw a subscription rate of 2.21 times, while the retail individual investors (RIIs) segment garnered 71 per cent of subscriptions. Non-institutional investors accounted for 60 per cent of the subscriptions.
Founded in 1997, Carraro India Ltd specializes in producing components ranging from tiny gears to full tractor assembly.
According to the red herring prospectus (RHP), the company's listed peers include Escorts Kubota, which has a P/E ratio of 43.21, Schaeffler India at 74.22, Sona BLW Precision Forgings with a P/E of 76.93, Ramakrishna Forgings at 42.82, Happy Forgings with 47.08, and Action Construction Equipment with a P/E of 50.56.
Launched at a price band of ₹668 to ₹704 per equity share, Carraro India IPO reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
Axis Bank Limited, BNP Paribas, and Nuvama Wealth Management Limited were the book-running lead managers for the Carraro India IPO, and Link Intime India Private Ltd served as the registrar.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High