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Five Star Business ends 3% higher on Day 1 of listing

Five Star Business Finance Ltd closed nearly 3 .3 per cent higher at ₹489.50 on the BSE over the issue price of ₹474.

The stock got listed at a discount — ₹449.95 on the BSE and ₹468.80 a share on the NSE. It closed at ₹489.95.

In fact, IPO of Five Star Business Finance Ltd was undersubscribed and received bids of just 81 per cent. However, the issue sailed through as selling shareholders agreed to reduce their offer size.  The final issue size was reduced to ₹ 1,588 crore against the actual size of ₹1,960 crore

On the NSE, the stock witnessed a trading volume of 1.39 crore shares, and 6.4 lakh shares on the on BSE.

Ahead of the issue, the Chennai-based firm had raised ₹588 crore from anchor investors, who included included SmallCap World Fund, Fidelity Investments, Capital Research, Malabar Investments, Government Pension Fund Global, Abu Dhabi Investment Authority, Norges Bank, Carmignac Gestion, White Oak, Bay Capital, Segantii, SBI Life Insurance, HDFC Mutual Fund (MF), Baroda BNP MF, Edelweiss MF and Mirae MF.

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