KFin Technologies shares slip slightly on debut

Despite a positive mood in the equity markets, KFin Technologies remained highly volatile throughout the session and finally settled at a slight discount to the issue price on December 29, its first day out on the bourses.

The stock opened a tad higher at Rs 367 against the issue price of Rs 366 per share, and hit an intra-day low of Rs 351, but recovered nicely in late morning deals and climbed up to Rs 373. However, it failed to sustain the momentum amid volatility in the afternoon. Finally, the stock settled at Rs 363.85 on the NSE, falling six-tenth of a 1 percent (added) from its offer price.

The volume of KFin shares traded on the NSE was 75.25 lakh, while 4.48 lakh shares were traded on the BSE.

The technology-driven financial services platform launched its maiden public issue last week and raised Rs 1,500 crore by issuing more than 4.09 crore shares to investors.

It was a complete offer for sale (OFS) by a promoter, the General Atlantic Singapore Fund Pte Ltd. Hence, the company did not receive any funds from the offer and the entire proceeds, except issue expenses, went to General Atlantic.

The price band for the offer, which was open between December 19-21, was Rs 347-366 per share.This was the fifth weak debut this month. Landmark Cars, Abans Holdings, Sula Vineyards, and Uniparts India, which listed just before KFin, closed significantly lower on their debuts.

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