Claris Life

Claris Lifesciences shares disappoint on opening day

Claris Lifesciences shares disappoint on opening day

In yet another listing of a high profile IPO on Monday, Claris Lifesciences disappointed its investors on day 1. The share was issued at a price of Rs. 228 and it started the first session of its debut on BSE at Rs. 224.40, falling by a 1.6%.

The share was at an intraday low of Rs. 200.05 due to a big selling pressure soon after it opened but gathered composure after a while to show some recovery. The share initially was trading at Rs. 218.05 at 9:40 which was 4.36% below the issue price. The volume of the shares was though pretty decent as 25.15 lakh equity shares.

Claris Life reduces price band to Rs.228-Rs.235

Claris Life reduces price band to Rs.228-Rs.235

With the market entering into turbulence due to the ongoing investigations in the loan scam, Claris Life, on Friday, not only was forced to cut down the price band for its IPO by as much as 20%, but also had to extend the offer period by three more days.

While the issue opened in the market on November 24 with a price band of Rs. 275-293, now it stands at Rs. 228-235.

However, the country's largest producer of manganese MOIL Ltd. did fairly well on the very first day the issue opened for subscription. MOIL IPO received applications for 78% of the issue size on the very day.