Unity Infra, deccan debut in the red

Deccan Aviation closed at 33 per cent discount to its issue price on its debut on the bourses on Monday.

The other debutant, Unity Infraprojects, also faced a similar fate, closing at a 30 per cent discount to its issue price. With this, eight of 47 initial public offers listed in 2006 closed at discounts to their issue prices on the first day of their listing.

The other six IPOs are that of Jagran Prakashan, Powersoft Global, R Systems International, Kewal Kiran, Gitanjali Gems, Dynemic Products and Sree Sakthi Papers. The range of discount varied between 1 and19 per cent.

Deccan Aviation closed at Rs 98.85 after listing at Rs 148.05 on the BSE, 33 per cent lower than its issue price of Rs 148. Unity Infrastructures declined 30 per cent to close at Rs 500, after listing at Rs 650 against its issue price of Rs 675.

On the NSE, Deccan Aviation opened below its offer price, plunged to a low of Rs 97.25 before closing at Rs 99.1, nearly 33 per cent below the offer price. Nearly 6.7 million shares were traded on the NSE.

Unity Infraprojects opened at Rs 700, above its offer price of Rs 675, but hit a low of Rs 463 before closing at Rs 470.9 "" over 30 per cent below its issue price.