Shares of Macrotech Developers gained as much as 10.5% to trade above its IPO price. The stock closed its debut trade nearly 4.3% lower at Rs 465 apiece.
This was much lower than its issue price of Rs 486. The successful listing of Macrotech ends a more than decade-long effort to take the developer public, after previous attempts in 2009 and 2018 were shelved.
Including Macrotech, 29 debutantes have raised about $3 billion so far in 2021, according to data compiled by Bloomberg.
India’s newest stocks have been performing well overall. The S&P BSE IPO Index, which tracks shares for two years after listing, has rallied 6.8% this year, outperforming the little changed Sensex.