Fedbank Financial Services lists over 1% discount; Should you hold or exit-

Fedbank Financial Services lists over 1% discount; Should you hold or exit?

Fedbank Financial Services shares are listed at a 1.60% discount at Rs 137.75 on the BSE and at Rs 138 on the NSE, compared to the issue price of Rs 140. The public issue was subscribed to 2.24 times on the last day of the offering.

“The only disappointing debut on the stock markets today was of Fedbank Financial services, it got listed at Rs 138 per share that almost a flat listing over its IPO price of Rs 140. The lackluster listing was in line with the pre-listing sentiment, which was dampened by a weak grey market premium and a relatively tepid investor response. Given this subdued listing we recommend a neutral stance on Fedbank Financial Services, said Shivani Nyati Head of Wealth at Swastika Investmart.

The IPO comprises a fresh issue of 42,912,087 shares aggregating up to Rs 600.77 crore and an Offer-For-Sale (OFS) with promoters offloading 35,161,723 shares aggregating up to Rs 492.26 crore. For potential investors, the bidding starts at a minimum of 107 equity shares, with subsequent bids in multiple lots of 107 equity shares each, with a maximum of 13 lots. The price band for its public issue at Rs 133-140 per equity share of face value Rs 10 each.