Nykaa shares fall below IPO issue price; Delhivery trades near 52-week low
Meanwhile, another new age stock Delhivery was trading near its 52-week low level of ₹377
Shares of FSN E-Commerce Ventures, the parent of cosmetics-to-fashion retailer Nykaa, fell as much 2% to ₹1,107 apiece on the BSE in Tuesday's trading session, dropping below their initial public offering (IPO) issue price of ₹1,125.
Meanwhile, another new age stock Delhivery was trading near its 52-week low level of ₹377, trading much below its issue price of ₹487.
Nykaa shares got listed in November last year and the stock has declined more than 52% since its market debut.
Nykaa's IPO was subscribed 81.78, mainly helped by huge interest from institutional investors. The price range for the offer was ₹1,085-1,125 per share.
Delhivery, the largest fully-integrated logistics services player in India, had raised ₹5,235 crore in its IPO in May. The issue was subscribed 1.63 times.
Other tech stocks, including Paytm, Zomato, Nykaa, PB Fintech–which went public last year, have also had a tough months so far on the stock market and have already fallen below issue price.