New Delhi, May 7 -- Shares of dyes manufacturer Arunaya Organics made a tepid market debut on the NSE SME platform today, May 7.

The company's shares listed at Rs 30.10 per share, representing a significant discount of Rs 28.90 or 48 percent against the issue price of Rs 58 per share.

The listing performance fell considerably short of grey market expectations, where the unlisted shares were trading flat at the upper band price of Rs 58 per share prior to the official debut, according to sources monitoring unofficial market activity.

The Rs 33.99 crore SME IPO consisted of a fresh issue of 5.26 million equity shares and an offer for sale (OFS) where promoter Shivali Agrawal divested 0.6 million equity shares.

The public issue opened fo...