Khadim India Ltd`s shares fell as much as 5 percent on their trading debut on Tuesday after the footwear retailer`s initial public offering last week raised 5.43 billion rupees ($83 million).
At 0440 GMT, the stock was trading at 717.50 rupees, down 4.4 percent from the IPO issue price of 750 rupees.
The IPO was subscribed 1.9 times.
Khadim raised 500 million rupees from the IPO by selling new shares, while the remainder of the IPO proceeds went to its shareholders who pared their stake in the company.
($1 = 65.3275 Indian rupees)
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