IPOs below their offer price

Investors, who exited on Day One of new scrip listings, have reasons tocheer as 72 per cent of initial public offers (IPOs) listed over the lastfive months are now trading at a discount to their listing price (first dayclosing). The current crash has pulled down 31 of the 43 scrips listedduring January-May below their listing price, while 12 scrips are quotedbelow their offer price.
 
 The aggregate market value of the 43 IPOs declined by 11 per cent (Rs 2,114crore) to Rs 16,996 crore today. These companies, which collectively raisedRs 13,599 crore through the issues, clocked a total value of Rs 16,996crore on the day of listing.
 
 GVK Power and Infrastructures (11 per cent), Jagaran Prakashan (16 percent), R Systems International (35 per cent) and Sree Sakthi Papers (44 percent)