Raymond Lifestyle makes IPO less market debut after demerger, hits lower circuit

Raymond Lifestyle listing: Raymond Group’s apparel arm Raymond Lifestyle made a stock market debut on Thursday, September 5, to be listed on the Bombay Stock Exchange and the National Stock Exchange at Rs 3,000 and Rs 3,020 apiece respectively. 

However, the stock of the company hit its lower circuit on both BSE and NSE falling as much as 5 per cent in the early minutes of trading. 

The company hit Dalal Street without any initial public offering (IPO) as the company demerged from its parent Raymond Limited to encompass all apparel-related businesses of the group.

The demerger of Raymond Lifestyle was announced last year to separate the three key business verticals of the group which include real estate, lifestyle, and engineering. 

As of 10:20 am, the shares of the company were trading 151 points or 5 per cent lower at Rs 2,869.00 apiece.