Shares of IT firm Taksheel Solutions got listed at Rs 157.40 apiece on the BSE today vis-a-vis their issue price of Rs 150 per share.
The company's shares opened 4.93% higher at Rs 157.40 on the BSE compared to their issue price. Similarly, on the NSE, the scrip debuted at Rs 157, up 4.66% in comparison to its issue price.
However, within minutes, the stock saw most of the initial gains pared and plummeted by 17.5% to Rs 123.75 on the BSE at 1050 hours. The company's stock lost ground rapidly on the NSE as well, shedding 19.33% to Rs 121 at 1050 hours.
Taksheel raised Rs 80 crore through the initial share sale, which aimed to raise funds for expansion purposes.
Another company, Flexituff International, a manufacturer of flexible intermediate bulk containers, made its debut on the bourses today as well.
The stock opened at Rs 156.90 on the NSE, up 1.22% vis-a-vis its issue price of Rs 155. The company's scrip got listed at Rs 155 on the BSE.
Within minutes, however, shares of the company witnessed erosion and were trading lower at Rs 153.75 on the BSE and at Rs 153.90 on the NSE.
Flexituff International raised Rs 100 crore through its IPO and the funds will be used for expansion purposes.