PNC Infratech shares fall 4.8% on listing day
In intra-day trading, the share touched a high and a low of Rs387.80 and Rs360, respectively
Mumbai: Shares of PNC Infratech Ltd was trading nearly 4.8% below the issue price on Tuesday, its first day as a public listed company.
The stock opened at ₹ 381 apiece in its debut trade, ₹ 3 higher than its initial public offer (IPO) price on the BSE. At 10.19am, the shares were trading at ₹ 360 apiece, down 4.76%, according to BSE. In intra-day trading, the share touched a high and a low of ₹ 387.80 and ₹ 360, respectively.
The company had issued shares at ₹ 378 apiece in its IPO that was subscribed by over 1.54 times. The public issue received bids for 13.9 million shares against 9.06 million shares on offer. The company has already raised ₹ 146 crore by allotting 3.86 million equity shares at ₹ 378 per share to anchor investors.
The company raised around ₹ 488 crore, which will be used partly to repay debt and to buy capital equipment.
PNC Infratech is an Indian infrastructure construction, development and management company, with expertise in the execution of major infrastructure projects, including highways, bridges, flyovers, power transmission lines, airport runways, development of industrial areas and other infrastructure activities.
The book running lead managers to the offer were ICICI Securities and IDFC Securities.
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