Stories
TNA Solutions Shares Crash 24 Percent on Weak BSE SME Debut
- •Shares of TNA Solutions hit the 5 percent lower circuit on the BSE SME platform on October 9 after a weak debut.
- •The stock listed at Rs 56, a 20 percent discount compared to its initial public offering price of Rs 70.
- •Following the heavy selling, the company's market capitalisation dropped to around Rs 108.57 crore.
- •The Rs 37.86 crore IPO had received strong subscription figures earlier, with an overall subscription of 55.20 times.
Key Questions Answered
TNA Solutions shares debuted on the BSE SME platform at Rs 56, marking a 20 percent discount to their IPO price of Rs 70. Shortly after listing on October 9, the stock fell to Rs 53.20, hitting the 5 percent lower circuit. This brought the company's market capitalisation to approximately Rs 108.57 crore.
Ahead of the listing on the morning of October 9, the grey market premium tracked by InvestorGain indicated a flat debut for TNA Solutions shares. However, the stock actually opened at a 20 percent discount and subsequently hit the 5 percent lower circuit.
The Rs 37.86 crore book-built IPO was subscribed 55.20 times in total by October 6. The non-institutional investor category saw a subscription of 102.14 times, the qualified institutional buyer portion reached 35.64 times, and the individual investor category was subscribed 46.17 times.
