Siddhika Coatings Ltd. makes a weak debut on the bourses with scrip got listed at Rs 55.00 on the Bombay Stock Exchange, a 3.50 per cent discount to its issue price of Rs 57.00. On the National Stock Exchange, the stock was listed at Rs 55.00.

The company, which raised 0.08 Cr from initial public offering, was subscribed 2.47 times, receiving bids for 20.35 lakhs shares against the total issue size of 8.24 lakhs shares.

The company, listed under ST Group Securities post its IPO, opened for subscription from Mar 24 to Mar 26.

Following a weak opening, the scrip touched an intraday high of Rs 58.00 and a low of Rs 54.15, before closing the session up by 0.08 per cent to its listing price at Rs 56.95 on the NSE.

The company anticipates using the proceeds of the issue for To part finance the Working Capital Requirements General Corporate Purposes To meet Issue Expenses.

Unistone Capital Private Limited as lead managers & Skyline Financial Services Pvt. Ltd. is the registrar, to the issue.

Meanwhile, the broader benchmark NSE Nifty closed trade at 14,819.05, up 135.55 points, or 0.92 per cent.