QVC Exports made a strong debut on the NSE SME platform, listing at Rs 161 per share—an 87% premium over its IPO price of Rs 86. Despite the impressive start, the stock experienced profit booking, pulling it down to a low of Rs 152.95.
The grey market had estimated the listing to be even higher at 105% premium. QVC Exports IPO received stupendous response and the offer was subscribed 535 times. Retail investors bid 418.64 times their reserved portion, while subscription was 596.57 times in the other category.
Incorporated in 2005, QVC Exports is principally engaged in the business of trading in ferroalloys. A significant part of its revenues is contributed by exports. The company proposes to deploy the IPO proceeds for repayment of loans, working capital, and general corporate purposes.
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Source: Moneycontrol
News Desk
