Mumbai, August 26: Gaza Alternative Asset Management shares saw a notable sell-off following their listing on Wednesday, closing near their day’s low.
The shares debuted at ₹185 on the NSE, reflecting a premium of 15.62% over the issue price of ₹160, while on the BSE, they opened at ₹185.20, marking a 15.75% premium.
However, the shares could not maintain their gains post-listing, closing at ₹168.67 on the NSE, which is an 8.8% decline from the listing price of ₹185. Despite this drop, the shares remain 5.42% above the issue price.
Market analysts attribute the decline to profit booking, which exerted pressure on the stock throughout the day. Nevertheless, the shares stayed above the IPO price during the entire session.
Gaza Alternative Asset Management’s ₹550 crore initial public offering (IPO) received a tremendous response from investors, being subscribed 31.33 times, indicating strong demand.
The IPO was priced in the range of ₹152 to ₹160 per equity share, comprising a fresh issue of up to ₹450 crore and an offer for sale (OFS) of up to ₹100 crore.
The company plans to utilize the funds raised from the new shares for debt repayment, launching new investment funds, and general corporate purposes.
Gaza Alternative Asset Management primarily operates in three business segments: management fees, carried interest, and sponsor commitments. Its limited partners are spread across more than 20 countries, including India, the USA, Europe, and the Middle East.
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