The Hindu Business Line : Provogue lists at premium

Trading volumes were also very high with shares more than three times of the IPO size traded on the BSE and the NSE. On the BSE, the stock touched a high of Rs 299, a low of Rs 229 and closed at Rs 245.55 - that is a premium of 63.70 per cent over the issue price. On the NSE, it closed at Rs 247.95, up 65.30 per cent. On the BSE and the NSE, total shares traded were 1.37 crore shares - 3.39 times higher against the issue size of 40.5 lakh shares. However, of the shares traded, only 15.42 per cent shares on the BSE and 13.2 per cent on NSE were for delivery.

Brokers said the listing at a high premium is due to the stock seen more as a retail sector stock rather than an apparel company. At present, retail companies are commanding a high price-earning multiple compared to apparel companies.

Another reason for higher listing price is that there was good demand for the shares during the IPO. The issue was subscribed by 67 times and several investors who have not got even a single share were seen buying in today's trading.

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Provogue lists at premium