RK Swamy stock makes weak debut on bourses; lists at 13% discount

Shares of integrated marketing services firm RK Swamy made a weak debut on the bourses on Tuesday with a 13% discount against the issue price of Rs 288.

The stock started the trade at Rs 250 on the NSE, a discount of 13.19 % over the issue price of Rs 288.

On the BSE, the scrip of the company debuted at Rs 252, down 12.5 % against the issue price.

In the early trade, the company commanded a market valuation of Rs 1,420.93 crore on the exchange.

In the morning session, the 30-share BSE Sensex benchmark jumped 367.10 points to 73,869.74, while NSE Nifty rose 76.05 points to 22,408.70.

On March 6, the Rs 423.56 crore Initial Public Offering (IPO) of RK Swamy got subscribed 25.78 times on the last day of subscription.

The IPO had a price range of Rs 270-288 a share.

Funds raised through the fresh issue would be used for setting up a digital video content production studio, establishing new customer experience centres and computer-aided telephonic interview centres as well as for general corporate purposes.

Also, funds would be utilised for investment in the IT infrastructure development of RK Swamy and its subsidiaries Hansa Research and Hansa Customer Equity.

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