Rishabh Instruments Shares Open Lower on Listing Day, End Slightly Higher
Rishabh Instruments shares opened lower on their listing day on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on September 11, despite healthy equity market conditions and good initial public offering (IPO) subscription numbers.
The stock opened at Rs 438.75 on the NSE, below its issue price of Rs 441. It touched a high of Rs 470 during the day, but failed to sustain the gains and closed at Rs 443.15, up 0.5%.
On the BSE, the stock opened at Rs 437.50 and closed at Rs 442.75, up 0.4%.
The test & measuring instruments and industrial control products manufacturer had mobilized Rs 490.78 crore through its IPO. The price band for the offer was Rs 418-441 per share.
The IPO was subscribed 31.65 times during August 30-September 1.
The muted performance of Rishabh Instruments shares on their listing day could be due to profit-booking by investors, who had subscribed to the IPO in large numbers. The stock may see some volatility in the coming days, but is expected to trade in a range in the medium term.
Here are some of the key takeaways from the article:
- Rishabh Instruments shares opened lower on their listing day on the NSE and BSE.
- The stock touched a high of Rs 470 during the day, but failed to sustain the gains and closed at Rs 443.15 on the NSE.
- The stock closed at Rs 442.75 on the BSE.
- The muted performance of the stock could be due to profit-booking by investors.
- The stock is expected to trade in a range in the medium term
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