It is after a gap of some time that we are seeing an IPO getting listed at a discount. Angel Broking got listed on the BSE today at Rs.275 v/s IPO price of Rs.306.

This listing at a discount was widely expected and we could see the trend in the grey markets itself.

The IPO was subscribed 3.94 times,

We had said in our New Issue Analysis that brokerages have not rewarded investors consistently over the long term with acute volatility, implying that this is not a portfolio stock for sure.