 "Retail investments to shrink as new IPO system comes into play")
Shares of TeamLease Services slipped as much as 5% on its debut in the stock market. The company’s share fell to a low of Rs 806 compared to the initial public offering (IPO) price of Rs 850 per share.
The fall in the price comes despite strong demand for the shares of the staffing services company in the IPO, which was subscribed 66 times. Also, the premium in the unofficial grey market on TeamLease shares was more than 10%.
Market players said the lacklustre opening is due to the fall in the market post the IPO. The benchmark Sensex and the Nifty have plunged 6% since TeamLease's IPO closing on February 4.
TeamLease’s shares had hit a high of Rs 897 and a low of Rs 806 as of 10:05 am, data provided by the BSE showed. The stock was last trading at Rs 835.
High net worth individuals (HNIs), who had applied with leveraged bets in the IPO, are likely to suffer huge losses.
