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Craftsman Automation makes a weak debut in stock markets, lists at 9% discount over issue price

Craftsman Automation share price listing: The Craftsman Automation scrip got listed at Rs 1,350.00 apiece on the BSE, thereby registering a fall of 9.40 per cent from its offer price of Rs 1,490.

By: Express Web Desk | New Delhi |
Updated: March 25, 2021 11:38:38 am
The IPO is expected to fetch Rs 824 crore at the upper end of the price band. (Image source: Facebook/Craftsman Automation Limited)

Craftsman Automation share price: Shares of Craftsman Automation made a weak debut on the stock exchanges today listing at over 9 per cent lower against their issue price.

The scrip got listed at Rs 1,350.00 apiece on the BSE, thereby registering a fall of 9.40 per cent from its offer price of Rs 1,490. On the National Stock Exchange (NSE), it opened at Rs 1,359.00, down 8.79 per cent from the issue price. The stock however trimmed some of its losses but remained below the issue price hiting a high Rs 1,487.80 on BSE and Rs 1,488.50 on the NSE during its first hour of trade on the first day. On the lower side, it hit to Rs 1,349.20 on the BSE and Rs 1,350.00 on NSE.

Over 20.87 lakh shares of Craftsman Automation were traded on the NSE during the first hour of trade, while over 1.06 lakh shares exchanged hands on the BSE, data from the respective stock exchanges showed.

The Rs 824 crore IPO of Craftsman Automation met a good demand during its offer period from March 15-17. The issue was oversubscribed by 3.81 times on the final day.

The qualified institutional buyers (QIBs) category was subscribed 5.21 times, non institutional investors 2.84 times and retail individual investors (RIIs) 3.44 times, data available on NSE showed.

Headquartered in Coimbatore, the auto component maker has satellite units across India including in Pune, Faridabad, Pithampur, Jamshedpur, Bengaluru, Sriperumbudur and Chennai.

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