Shares of CL Educate which operates coaching institutes under the brand name of Career Launcher made a weak debut at the bourses on Friday, falling sharply by about 21%, over the issue cost of Rs. 502.
The stock listed at Rs. 398, a fall of 20.71% from the issue cost, on BSE.
At NSE, it debuted at Rs. 402, down 19.92%. The organization’s IPO was oversubscribed 1.90 times a week ago, with qualified institutional buyers (QIBs) category getting oversubscribed 3.65 times and retail investors 1.63 times.
The non-institutional investor portion was subscribed just 21%.
CL Educate, which operates across segments in the education industry, including test preparation and vocational training, had fixed a price band of Rs. 500-502 for the IPO.
The IPO, which was open amid March 20-22, comprised a fresh issue of 21.80 lakh shares and offer for sale of up to 25.79 lakh.
Kotak Mahindra Capital Company was the book running lead manager for the offer.