IVR Prime Urban Knocked down 24% on listing

IVR Prime Urban Developers a subsidiary of IVRCL Infrastructure and Projects, , which started the day on a weak note, at Rs 456.25, down 17.05% (Rs 93.75) to its issue price of Rs 550 and touched an intraday low of Rs 385 (down 30%). It has remained in the range of Rs 400-450 through the day and did not cross Rs 500 mark.

The share closed at Rs 417.90, down 24.02%, with volumes of 1,36,32,641 shares on the NSE and ended at Rs 418.15, with volumes of 76,38,432 shares on the BSE.

The company had come out with an initial public offering (IPO) of 1,41,50,000 equity shares of Rs 10 each in a price band between Rs 510 and Rs 600 per share. The issue was subscribed 5.75 times.