| Broadcast Initiatives, Evenix Accessories and Oriental Trimax fail to create sparks in the stock market. |
| Domestic stock markets witnessed four new listings on Wednesday, March 7. However, except one, others saw their prices falling by over 35 per cent from the issue price. |
| MindTree Consulting, the Bangalore-based IT services company, bucked the trend and came out with flying colours on a volatile day. It listed at Rs 627""a premium of 47.5 per cent at the issue price of Rs 425. The scrip closed the day at Rs 625. Shares worth Rs 798.76 crore changed hands on the National Stock Exchange (NSE). |
| The IPO by the company had received an overwhelming response from investors with bids for 103.28 times of the issue. |
| The company had offered about 56 lakh equity through the IPO. At the listing ceremony today, its Chairman and Managing Director Ashok Soota said MindTree would begin its operations from the new special Economic Zone in Chennai in October this year. |
| The company is planning to use the proceeds from the IPO on mergers and acquisitions. |
| MindTree raised Rs 238 crore through the IPO, which closed on February 14. |
| The other three listings of the day "" Broadcast Initiatives, Evenix Accessories and Oriental Trimax "" did not live up to the market expectations. |
| Broadcast Initiatives was the worst performer among the new entrants. Its share prices closed at Rs 70, down 41.67 per cent from the issue price of Rs 120. The counter saw a turnover of Rs 92.95 crore on the NSE. |
| Evenix Accessories had a bad start and its shares closed at Rs 74.60, down 37.83 per cent from the issue price of Rs 120. |
| Its counter saw a volume of Rs 79.23 crore on the NSE. |
| Similarly, shares of Oriental Trimax fell by 38.96 per cent to Rs 29.30 compared with the issue price of Rs 48. |
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