Shares of Indian Energy Exchange Limited (IEX) debuted 9.09 percent lower on the Exchange on Monday. The stocks opened 9.09 percent lower on the BSE at Rs. 1,500 per share, in comparison with the issue price of Rs. 1650, which was the upper end of the price band of Rs, 1645 to 1,650 per share.
At 12.10 pm, they were down 1.45 percent at Rs. 1626, and at the same time benchmark Sensex traded 0.18 %, lower to 32,333.03. The shares earlier touched a high and low of Rs. 1658 and Rs.1500 respectively. At the upper end of the price band, the IPO sale values the firm at Rs. 5000 crore.
The Indian Energy Exchange Ltd reported a profit of Rs. 113.6 crore in 2016-17, up 13 percent from a year ago. The offer values the company at 44 times its financial year 2017 earnings. It leads the market with its share in total volume traded through exchanges in the last 5 years at an average of over 93.5 percent.