Fusion Micro Finance makes a muted debut on Dalal Street — shares list at 2% discount

Fusion Micro Finance made a muted debut on stock exchanges BSE and NSE on Tuesday, listing at a minor discount to the upper end of the IPO price range — in contrast to the trend seen in the grey market over the past few days. On BSE,  Fusion Micro Finance listed at Rs 360.5 apiece — as against the issue price of Rs 350-368.

The New-Delhi-based financier's stock began its trading journey at Rs 359.5 apiece on NSE — a discount of 2.3 percent to the issue price.

Dealers in the grey market —  or an unofficial market for unlisted securities — had expected a mildly positive listing for the stock. (Learn about what the grey market really is

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Fusion Micro Finance's IPO, to raise up to Rs 1,104 crore, concluded on November 4 with a subscription of almost three times.

Out of the total shares on offer, 50 percent were reserved for QIBs, 15 percent for high net worth investors and 35 percent for retail investors.

Potential investors could bid for shares of Fusion Micro Finance in a price band of Rs 350-368 in multiples of 40.

Brokerages held mixed views on the Fusion Micro Finance IPO. Angel One had assigned a 'neutral' rating on the issue, suggesting investors to consider participating in the issue from a medium-to-long-term view.