Debut Weak SRS

Meanwhile, the BSE Sensex up 137.44 points or 0.81% to 17,013.98

The stock debuted at Rs 55, a discount of 5.17% of its initial public offering (IPO) price. The stock reached a high of Rs 61.40 and low of Rs 49 so far during the day. The company had fixed the IPO price at the lower end of the range of Rs 58-65 per share.

SRS IPO was subscribed 1.25 times with bids for 4.37 shares crore crore compared to 3.5 shares on offer. The flotation was open for bids between 23 and 26 August 2011. The category of non-institutional investors was subscribed 5.11 times followed by qualified institutional buyers (0.75 times) and individual investors (0.32 times).

SRS is a diversified company with presence in the cinema, hotels, jewelry, retail and consumer goods (cash & carry) business. The company gets 71% of their total income from the jewelry sector, followed by 25.5% of the retail sector and the rest of the film and the food and drink. It has a chain of multiplexes in six cities.


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