SIS shares close 7% lower on stock market debut

Earlier in the day, SIS shares touched a high of Rs878 and a low of Rs749, respectively.. Photo: Reuters

Mumbai: Shares of Security and Intelligence Services (India) Ltd (SIS) closed at Rs756.70, 7.15% lower on the bourses on Thursday, after the security services firm saw its Rs777 crore issue get subscribed more than seven times last week.

SIS’s initial public offer (IPO) witnessed a subscription of 7.07 times, according to data from the National Stock Exchange (NSE).

SIS shares opened 7.36% higher on the BSE at Rs875 apiece compared to the issue price of Rs815, which was the upper end of the price band of Rs805-815 per share.

Earlier in the day, the shares touched a high of Rs878 and a low of Rs749, respectively.

The IPO is a fresh issue of 5.12 million shares, which at the upper end of the price band, will fetch Rs360 crore to the company. SIS promoters Ravindra Kishore Sinha and Rituraj Kishore Sinha, and domestic private equity investor CX Partners are selling part of their stake in the IPO through an offer for sale. At the upper end of the price band, these shareholders are collectively selling shares worth Rs417 crore.

SIS, established in 1974, offers security services, electronic security systems, consulting, facility management, cash services which include transfer of cash and valuables, ATM replenishment and recruitment and training services.