As Khadim India debuts on the stock market, shares fall three percent

Following the footwear brand’s initial public offer (IPO) last week, Khadim India debuted on the Indian stock market and, following this, share prices fell around three percent.

Khadim India has debuted on the BSE - Khadim's- Facebook

During Khadim India’s IPO, which ran from November 2 to 6, share prices were at 745 to 750 per share. However, as of the morning of November 14, prices had fallen and were trading at 720.10 rupees per share on the Bombay Stock Exchange (BSE).

This constitutes a drop of 3.99 percent and the shares reached a low of 712.40 rupees and a high of 740 rupees when debuting on the market. The Sensex only dropped by 0.1 percent and was at 33,001.61 points.

Despite share prices dropping, Khadim India garnered a large injection of funds from the sale. The brand will now use this money to pay off some of their accrued debt.

The brand has also continued to expand its brick and mortar presence across India and recently opened a store in Hinoo, Ranchi, on October 13, among others.

The brand is also undergoing a restructuring with its subsidiaries being positioned as more premium brands and Khadim India itself aiming to cement its position in the affordable footwear market. 

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