Shares of the newly listed company Power Mech Projects has moved higher to Rs 663, bouncing back 14% from its intra-day low of Rs 580 on the National Stock Exchange (NSE) after listing below its issue price.
The stock has listed at Rs 600, a 6.25% below its issue price of Rs 640 on the NSE.
At 10:52 AM, the stock was up 10% at Rs 662 on the NSE. A combined 2.22 million shares have changed hands on the counter so far on the NSE and BSE.
The Hyderabad-based Power Mech had raised Rs 273 crore through the initial public offer (IPO). The company had fixed issue price at the upper band of Rs 615-640 per share after the issue received a strong response. The nearly 3 million share-offering saw bids for nearly 112 million shares.
The company proposes to use the IPO proceeds for funding working capital requirements, general corporate purposes, renovation and modernisation, scheduled shutdowns, retro fits as well as overhauling, maintenance and upgradation services for power plants.
The stock has listed at Rs 600, a 6.25% below its issue price of Rs 640 on the NSE.
At 10:52 AM, the stock was up 10% at Rs 662 on the NSE. A combined 2.22 million shares have changed hands on the counter so far on the NSE and BSE.
The Hyderabad-based Power Mech had raised Rs 273 crore through the initial public offer (IPO). The company had fixed issue price at the upper band of Rs 615-640 per share after the issue received a strong response. The nearly 3 million share-offering saw bids for nearly 112 million shares.
The company proposes to use the IPO proceeds for funding working capital requirements, general corporate purposes, renovation and modernisation, scheduled shutdowns, retro fits as well as overhauling, maintenance and upgradation services for power plants.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%