Street Calls of the Week
Investing.com -- WeWork India Management shares closed 3% lower at 628.65 rupees on Friday in their first day of trading on the stock market.
The flexible workspace operator’s stock opened at 650 rupees, just 0.3% above its initial public offering (IPO) price of 648 rupees, before declining throughout the session.
The company’s market valuation stood at 84.25 billion rupees ($950.1 million) at the close, compared to its post-IPO valuation of 86.85 billion rupees.
WeWork India’s 30-billion-rupee IPO was subscribed 1.15 times, indicating modest investor interest. The offering comprised the sale of 35.4 million shares by Embassy Buildcon LLP and 10.9 million shares by 1 Ariel Way Tenant.
Trading volume reached 7.1 million shares during the debut session.
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