Shares of RK Swamy list at a 13% discount to the issue price

Shares of RK Swamy had a disappointing debut on Dalal Street, listing at a discount on Tuesday, March 12, 2024.

The shares debuted at Rs 250 on the NSE, marking a 13.19 percent discount from the issue price of Rs 288 each. Similarly, the stock began trading on the BSE at Rs 252, representing a 12.50 percent discount from the issue price.

Before its listing, RK Swamy shares did not command any premium in the grey market. The stock was observed changing hands at a discount of Rs 5-10 per share compared to its issue price. However, during the subscription period, it experienced a notable premium of Rs 40.

RK Swamy priced its IPO between Rs 270 and Rs 288 per share, with a lot size of 50 equity shares, from March 4 to March 6. The Chennai-based company raised Rs 423.56 crore through its primary offering, comprising a fresh share sale of up to Rs 173 and an offer-for-sale (OFS) of up to 87,00,000 equity shares.

The IPO received an overall subscription of 25.94 times, with non-institutional bidders oversubscribing their quota by 34.36 times, qualified institutional bidders subscribing 20.58 times, retail investors showing interest by subscribing 34.03 times, and employees bidding 2.52 times during the three-day process.

Established in 1973, RK Swamy has been involved in integrated marketing communications, customer data analysis, full-service market research, and syndicated studies for over five decades. The company is known for its data-driven approach and integrated marketing services, leveraging digital initiatives.

IIFL Securities, SBI Capital Markets, and Motilal Oswal Investment Advisors served as the book-running lead managers for the RK Swamy IPO, with Kfin Technologies acting as the registrar for the issue.

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