AU Small Finance bank tumbles after end of pre-IPO lock-in period

The share price of AU Small Finance Bank slipped nearly 6.14 per cent on Monday after the pre-IPO lock-in period of the bank ended on Saturday, July 7.

A total of about 17 crore shares were under a one-year lock-in period from the allotment of IPO shares, out of which 9 crore shares were of promoters and about 8 crore shares belonged to non-promoters.

The IPO of the bank was open for subscription between June 28-30, 2017 and was oversubscribed 53.5 times raising over Rs. 1,900 crore. The stock price of the bank gained over 88 per cent from its issue price of Rs. 358 per share. AU Small Finance listed on the exchanges at Rs. 530, a premium of 48 per cent, on July 10, 2017.

On Monday, the scrip closed at Rs. 637.65 per share, down Rs. 41.70 or 6.14 per cent on NSE. The scrip opened at Rs. 664.80 and touched an intraday low of Rs. 629 per share on NSE. The stock has a 52-week high of Rs. 748.4 and a 52-week low of Rs. 496.25 per share on NSE. The stock attracted a traded volume of 10,83,555 shares on NSE.