Khadim India makes tepid debut, lists 3% lower against issue price

Khadim India listed at Rs 727, a 3% lower against its issue price of Rs 750 per share on the BSE. The stock opened at Rs 730 on the NSE.

Khadim India made a tepid debut on the bourses by listing at Rs 727, 3% lower against its issue price of Rs 750 per share on the BSE. The stock opened at Rs 730 on the National Stock Exchange (NSE).

At 10:01 AM; Khadim India was trading at Rs 728 after hitting an intra-day low of Rs 712 on the NSE and BSE so far. A combined 781,719 shares changed hands on the counter on both the exchanges.

Footwear retailer had raised Rs 543 crore through initial public offer (IPO), which was subscribed 1.90 times. The reserved portion for Qualified Institutional Buyers (QIBs) and Retail Individual Investors (RIIs) was oversubscribed by 2.45 times and 2.33 times, respectively. However, the reserved portion for Non-Institutional Investors or NIIs portion was undersubscribed at 0.18 times, exchange data show.

The net proceeds from the issue are to be utilised towards payment of loans and general corporate purposes.

Khadim India manufactures and retails footwear under its flagship brand ‘Khadim’s’ and nine other home-grown brands. It is the largest footwear player in east India and one of the top three in south India. Now it is planning to expand vigorously in west India and some parts of north India.