The scrip of Patni Computers Systems Ltd on Tuesday listed on the Bombay Stock Exchange and the first deal was struck at Rs 305 per share, much higher than the issue price of Rs 230 per share of face value Rs 2.
The first deal was at Rs 305 per share for 200 shares.
However, soon after listing, the price moved down and was ruling at Rs 249 while the volume of traded shares stood at 3.5 million.
The initial public offering was oversubscribed by 22 times.
The 100 per cent book-built issue received maximum bids at the upper end of the price band of Rs 200-230 per share and majority of the retail bids came at the cut-off price.
The IPO for 18.7 million shares comprised fresh issue of 13.4 million shares and an offer for sale of 5.324 million shares.
The bidding for the Patni IPO began on January 27 and closed on February 5.
The offer constituted 15 per cent of Patni's fully diluted post-issue paid-up capital. Post-offer, Patni's equity capital will be Rs 249 million and the promoters holding would come down to 51.3 per cent from 60.8 per cent.
The company's shares are listed equity shares on BSE and National Stock Exchange.
DSP Merrill Lynch and Kotak Mahindra Capital acted as book running lead managers while Citigroup Global Markets India was co-book running lead manager for the IPO.