Shares of Fedbank Financial Services Ltd (Fedfina), a subsidiary of Federal Bank, made a muted market debut on Thursday, listing with a discount of nearly 2 per cent, against the issue price of Rs 140.
The stock listed at Rs 137.75, registering a decline of 1.60 per cent from the issue price, on the BSE.
Shares of the company later bounced back and jumped 5.35 per cent to Rs 147.50.
On the NSE, the stock made its debut at Rs 138, lower by 1.42 per cent. Later, it recovered all the early lost ground and climbed to the day's high of Rs 147.50.
The company commanded a market valuation of Rs 5,377.55 crore.
The initial public offer (IPO) of Fedbank Financial Services was subscribed 2.20 times on the last day of the share sale on Friday.
The IPO had a fresh issue of up to Rs 600 crore and an offer for sale of up to 35,161,723 equity shares.
The price range for the offer was Rs 133-140 a share.
The issue was a combination of a fresh issue of 4.29 crore shares aggregating to Rs 600.77 crore and an Offer For Sale (OFS) of 3.52 crore shares worth Rs 492.26 crore.
