Muted listing for SBI Card, Antony Waste pulls out IPO

The unprecedented market volatility has dealt a blow to primary market offerings, with SBI Card making a muted listing and Antony Waste Handling Cell pulling out its initial public offering (IPO).

Shares of SBI Cards and Payment Services made a lacklustre debut on the bourses, listing at more than 12 per cent discount to the issue price of Rs 755 per share, marred by the negative market sentiments on Monday.

SBI Card shares listed at Rs 658 on the BSE and at Rs 661 on the NSE, down

12.84 per cent, but a sharp recovery in the first hour of trading took the stock to Rs 755. But the share soon started declining in the crashing market, which posted the second biggest fall in history.

Finally, the country's first credit card stock closed at Rs 681.40 on the NSE, down 9.74 per cent and at Rs 683.20 on the BSE.

At the end of the session, the company's market cap stood at Rs

64,149.53 crore. Shares worth Rs 4319.83 crore exchanged hands on the NSE and Rs 296.54 crore on the BSE. The deliverable quantity on the NSE stood at 58.04 per cent, indicating buying by investors who missed out on the IPO allotment or wanted to buy at a lower price.

Shares of promoter State Bank of India fell

7.84 per cent on the BSE, closing at Rs 223.25.

Antony Waste Handling Cell withdrew its initial public offering, as it was subscribed only 0.49 per cent till Monday, even after the subscription date was extended to March 16 and the price band was reduced marginally to Rs

294-300 per share from Rs

295-300.

The IPO of the municipal solid waste management company that opened on March 4 saw participation by marquee investors like Massachusetts Institute of Technology and Vantage Equity Fund. However, benchmark indices have fallen by 20 per cent since the filing of the red-herring prospectus. "As the global situation around

Covid-19 continues to evolve, investors appear to have entered risk-off mode," the company said.