The good spell for IPOs has continued this year. The shares of PSU Mazagon Dock Shipbuilders made a robust debut on stock exchanges on Monday. The share closed the day 19 per cent higher than the issue price of ₹145.
The stock listed at ₹216.25 on the BSE, a premium of 49.13 per cent against the issue price. At close, it stood at ₹173. On the NSE, the stock debuted at ₹214.90 with a gain of 48.20 per cent over the issue price. At close, the stock gained 18.58 per cent. The Mazagon Dock IPO size was ₹444 crore and was subscribed 157.41 times.
In contrast, the IPO of UTI Asset Management Company, which also got listed on Monday, declined 14 per cent at ₹476.60 on the BSE and ₹476.20 on the NSE. Its IPO price was ₹554. The stock touched an intra-day high of ₹530 and a low of ₹471.10 after opening at ₹490.25 on the BSE.
UTI’s poor listing coincides with investor concerns of huge outflows from mutual funds after themarket crash in March, analysts said.