New Listing: Aavas Financiers closes 3% higher at Rs 771 on Day 1
Housing finance company Aavas Financiers shares rose after correcting sharply on first day. The stock rose 3 percent after listing at 9 percent discount on Monday.
The share price closed at Rs 771 against issue price of Rs 821 on the National Stock Exchange.
After opening at Rs 750, the stock touched an intraday high of Rs 787 and low of Rs 710.05 on the NSE.
On the BSE, Aavas ended 2 percent higher at Rs 773.15 per share after hitting a day’s low of Rs 710 and high of Rs 787.5.
The Rs 1,734 crore initial public offer of Aavas Financiers managed to subscribe 97 percent during September 25-27, amid challenging stock market conditions for the entire NBFC sector.
The IPO comprised a fresh issue of up to Rs 400 crore and an offer for sale of up to 1,62,49,359 shares, including anchor portion of 63,36,439 shares.
Aavas Financiers is a retail, affordable housing finance company, primarily serving low and middle income self-employed customers in semi-urban and rural areas in India.