IVR Prime stock plummets 9pc on listing

New Delhi, Aug 16: Real estate firm IVR Prime Urban Developers Ltd's shares today debuted at the BSE on weak openings of Rs 500, down nine per cent from the issue price of Rs 550 a share.

The shares of the company, which were listed and admitted to dealings on the exchange in the list of 'A' group securities today, slipped further and registered a LTP of of Rs 447 at 1117 hours after touching a low of Rs 388.

The public issue of IVR Prime Urban Developers Ltd had received a good response from investors and the issue was subscribed 5.71 times.The company had entered the capital markets on July 23 with a public issue of 14,150,000 equity shares of Rs 10 each in the price band of Rs 510 to Rs 600.

IVR Prime, a subsidiary of IVRCL Infrastructures and Projects, focuses on integrated townships, residential developments including affordable homes, commercial projects, including hotels, retail malls, IT parks and other projects in various parts of India.

UNI