Mumbai: 5Paisa Capital Ltd, the first fintech firm to be listed, made an intriguing debut on the bourses on Thursday with the scrip showing a wide difference in prices on the two stock exchanges.

The listing of 5Paisa, an arm of IIFL Holdings, follows the demerger of the company from its parent. All existing shareholders of IIFL have been allotted shares in the demerged entity in the ratio of 25:1. The parent company had earlier infused Rs 100 crore as fresh capital into the demerged entity.

However, what caught the market's attention was the sharp difference in the price discovery on the BSE and the NSE.

On the the BSE, the scrip opened at Rs 650 and closed at Rs 617.50, hitting the lower circuit of 5 per cent. While 247 shares were transacted on the exchange, the market cap stood at Rs 786.63 crore.

On the NSE, the share debuted at Rs 400 and finished at Rs 380 - also a drop of five per cent. Over 27,000 shares were traded at the exchange.

"This is very surprising. While there are some minor differences in prices on both the exchanges after listing, I have not seen such a huge difference," a market observer said.

Pointing out that Sebi should step in and resolve the matter, the observer said one of the reason could be that there was no peer comparison to judge the valuation.

5 Paisa, which is also a digital discount brokerage firm, caters to do-it-yourself customers who prefer least intermediation charges for financial services by enabling investors to complete their transactions online.