Indian Energy Exchange lists 9 per cent below issue price

Indian Energy Exchange, the first ever IPO by a power exchange opened at Rs 1,500 on the National Stock Exchange on Monday, falling 9 percent against its issue price of Rs 1,650 per share.

The IPO was open for subscription between 9 and 11 October 2017, receiving a bid for 1.20 crore shares. The Rs. 1,001 crore offer from the company was offered for a total of 52,75,889 shares at a price band of Rs. 1,645 - 1,650 per share. The portion of shares reserved for institutional investors was subscribed 2.56 times and that for non-institutional investors was subscribed 0.85 times whereas, the portion of shares reserved for retail investors was subscribed 2.61 times. Overall, the issue was subscribed 2.28 times.

At 11:12 am, Indian Energy Exchange was trading at Rs. 1,638.35, down by Rs 11.65 or 0.71 per cent from its issue price of Rs. 1,650. The scrip opened at Rs. 1,500 and touched a high and low of Rs. 1,660 and Rs. 1,500, respectively.