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SS Retail shares jump 7% despite weak broader market
The IPO priced at ₹424 and the stock listed at ₹639.10 on BSE, later closing at ₹765.15, and shares are up 83% since the IPO.
SS Retail shares rose nearly 7% on 28 September even as the broader stock market stayed weak, according to LiveMint Markets.
The stock gained about 83% from its IPO price of ₹424 per share. On the BSE, SS Retail opened at ₹639.10, up 50.73% from the IPO price, climbed as high as ₹766.90, and closed at ₹765.15 for a 80.45% gain on the day. On the NSE, the shares opened at ₹624, up 47.16% from the issue price, and ended at ₹748.80, up 76.60%.
After the listing, the company’s market capitalization stood at ₹5,690.24 crore, while it was ₹5,331.41 crore as of the latest figure in the report. The ₹500-crore IPO drew demand, with bids 103.30 times subscribed on the final day.
The IPO included a fresh issue of shares worth up to ₹360 crore and an Offer-for-Sale of up to ₹140 crore, with a price band of ₹403 to ₹424 per share. SS Retail operates a multi-brand retail chain focused on mobile products across several Indian states.