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The Rs 1,013.6-crore IPO received bids for 1,09,44,34,026 shares against 80,79,491 shares on offer, according to data available with the NSE. The portion for non-institutional investors was subscribed 262.08 times, Qualified Institutional Buyers (QIBs) 100.73 times and Retail Individual Investors (RIIs) 49.70 times.

On the technical charts, the RSI of the stock stood at 56.7.

Promoters held 39.73 per cent stake in the company as of 30-Sep-2021, while FII and DII ownership stood at 15.74 per cent and 2.58 per cent, respectively.

The stock traded at a P/E multiple of -13.13, while the price-to-book value ratio stood at 599.54.

A total of 71,383 shares changed hands on the counter till 01:51PM (IST).

“The growth of the Indian economy is where safety lies because there is the demographic dividend, the PLI schemes, the infrastructure push which with the coming Budget, would get a boost. I see that as a safety element, provided we have a medium term perspective,” says Sunil Subramaniam.

The Nifty Realty index was trading 1.46 per cent up at 523.55.

Ashoka Buildcon Ltd., incorporated in the year 1993, is a Mid Cap company (having a market cap of Rs 2861.97 Crore) operating in Infrastructure sector.

“The Paytm listing fiasco has impacted the image of FPIs as representing smart money. The FPI anchor investors who invested Rs 7,150 crore in Paytm are sitting on huge losses. The message from this fiasco to the retail investors is that valuation of the new-age digital companies is extremely complex with high risk,” said VK Vijayakumar, Chief investment Strategist at Geojit Financial Services.

As of 30-Sep-2021, promoters held 27.39 per cent stake in the company, while FIIs held 14.77 per cent and domestic institutional investors had 6.85 per cent.