Shares of Muthoot Microfin Ltd, the microfinance subsidiary of Muthoot Pappachan group, made a muted market debut on Tuesday, listing with a discount of over 5 per cent from the issue price of Rs 291.
The stock made its debut at Rs 278, registering a decline of 4.46 per cent from the issue price on the BSE. Later, it fell by 8.83 per cent to Rs 265.30.
At the NSE, shares of the company listed at Rs 275.30 apiece, a drop of 5.39 per cent.
The company's market valuation stood at Rs 4,670.63 crore during the morning trade.
The Initial Public Offer (IPO) of Muthoot Microfin received 11.52 times subscription on the closing day of bidding on Wednesday.
The Rs 960 crore-IPO had a fresh issue of up to Rs 760 crore and an offer for sale of Rs 200 crore.
The price range for the offer was Rs 277-291 a share.
Muthoot Microfin is promoted by Muthoot Fincorp, the third-largest gold loan player and the flagship firm of Muthoot Pappachan group.
The company plans to use proceeds from the fresh issue for augmenting its capital base, to meet future capital requirements.