BMW Ventures shares started trading on the stock market on Wednesday, October 1. The shares listed at a lower price than the IPO price — about 21% less.

The shares were listed at ₹78 on NSE and ₹76 on BSE. The IPO price range was ₹94 to ₹99 per share.

After the listing, the share price quickly dropped more than 5% during the day to ₹74.10 on NSE.

Before the listing, the shares were trading at the same price as the IPO in the grey market, according to investorgain.com.

The IPO opened for subscription on September 24 and closed on September 26. The allotment of shares was done on September 29.

BMW Ventures raised ₹231.66 crore by selling 2.34 crore new shares at ₹94 to ₹99 each.

The IPO was subscribed 1.5 times overall. Retail investors subscribed almost 1 time, Non-Institutional Investors (NII) subscribed 3.03 times, and Qualified Institutional Buyers (QIBs) subscribed 3.09 times.

Sarthi Capital Advisors Pvt. Ltd. managed the IPO, and Cameo Corporate Services Ltd. was the registrar.

About BMW Ventures

BMW Ventures trades and distributes steel products, tractor engines, and spare parts. It also makes PVC pipes and works in building steel girders and pre-engineered buildings (PEBs).