 "Shares of Prabhat Dairy end flat on debut")
Shares of Prabhat Dairy closed at Rs 114.8 compared to its issue price of Rs 115 during their stock market debut on Monday. The stock moved between Rs 112 and Rs 120 on the National Stock Exchange. The company had offered a five per cent discount to the initial public offering price of Rs 115 per share.
The listing follows lukewarm response to Prabhat Dairy’s IPO to raise Rs 300 crore by issue of fresh shares. The company had to lower its IPO price band from Rs 140-147 to Rs 115-126 due to weak response.
Despite the reduction in price, Prabhat Dairy’s IPO hadn’t received adequate subscription forcing the company to scale back on the secondary share component of the IPO.
