The shares of Nuvoco Vistas Corporation Limited started its exchanges journey weak by listing below issue price in line with Zee Business Managing Editor Anil Singhvi's expectations.

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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.

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The stock made Rs 543.35 per share as its 52-week high on the BSE and Rs 539.85 per share life high on the NSE. Similarly, it hit Rs 471 per share as all-time low on the BSE and Rs 485 apiece on the NSE.

Minutes after weak listing, the stock has jumped over 15 per cent to Rs 543 per share on the BSE, as against its listing price. In comparison, the S&P BSE Sensex is gaining by 0.37 per cent at 10:18 am. 

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 IPO is at Rs 560-570 apiece. 

Nuvoco Vistas was founded in 2001 and provides pharmaceutical development services, large-scale manufacturing services to its customers in India and overseas.   

This is the third such weak listing since the last week, as Windlas Biotech on August 16, 2021 and CarTrade Tech on August 20, 2021, had registered a lower start on the exchanges.