Debutant Veranda Learning closes at Rs 160 on BSE, Rs 131 on NSE

Shares of Veranda Learning Solutions, which made their stock debut on Monday following its Rs 200-crore initial public offering (IPO), ended at Rs 160 on the National Stock Exchange (NSE) and at Rs 131 on the BSE. Shares were issued at Rs 137 in the IPO.

The 20-per-cent divergence in the first day closing price exposed the chinks in the price discovery process, especially for smaller companies. The so-called equilibrium price, arrived at after an hour-long pre-open session, was Rs 125 on the NSE and Rs 157 on the BSE.

For IPOs up to Rs 250 crore, a stock can