NEW DELHI, Mar 31: Shares of CL Educate made a weak debut at the bourses today, falling sharply by nearly 21 per cent, over the issue price of Rs 502.
The stock listed at Rs 398, a fall of 20.71 per cent from the issue price, on BSE.
At NSE, it debuted at Rs 402, down 19.92 per cent.
The company’s IPO was oversubscribed 1.90 times last week, with qualified institutional buyers (QIBs) category getting oversubscribed 3.65 times and retail investors’ 1.63 times.
The non-institutional investor portion was subscribed only 21 per cent.
CL Educate, which operates across segments in the education industry, including test preparation and vocational training, had fixed a price band of Rs 500-502 for the IPO.
The IPO, which was open during March 20-22, comprised a fresh issue of 21.80 lakh shares and offer for sale of up to 25.79 lakh.
Kotak Mahindra Capital Company was the book running lead manager for the offer. (PTI)
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