First trading session: Nuvoco Vistas shares close up to 13% higher from listing price

The shares of newly listed Nuvoco Vistas Corporation Limited ended almost 13 per cent higher to Rs 531.3 per share on the BSE intraday, while the same ended over 10 per cent higher to Rs 529 per share on the NSE on the first day of the trading session, after a weak listing earlier today.

The stock, however, has declined by around 7 per cent on both BSE and NSE from its issue price of Rs 570 per share at the upper end at the market close today.

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The stock started its journey on exchanges weak by listing below issue price, which was exact in line with Zee Business Managing Editor and market guru Anil Singhvi's expectations. 

Nuvoco Vistas shares got listed over 17 per cent lower to Rs 471 per share on the BSE and almost 15 per cent dip to Rs 485 per share on the NSE, as compared to the issue price of Rs 570 per share. 

The stock made a new life high of Rs 550 per share on the both BSE and NSE intraday today, while its all-time ow remained same as that during listing i.e Rs 471 per share on the BSE and Rs 485 per share on the NSE. 

The managing editor ahead of its listing had expected that Nuvoco Vistas shares to list below issue price of Rs 570 per share and had advised the long term investors to enter at lower levels if the stocks fall by 10 to 20 per cent below issue price. 

The three-day initial public offer between 9-11 August, 2021, was overall subscribed 1.71 times. It received bids for 10,70,27,492 shares against 6,25,00,001 shares on offer, as per the exchanges data. 

The initial public offer aggregating up to Rs 5,000 crore had a fresh issue of up to Rs 1,500 crore and an offer for sale of up to Rs 3,500 crore. The price band of the three-day IPO is at Rs 560-570 apiece.