Dull debut for PSP Projects

Shares of PSP Projects were trading at Rs 208.95 at 11:21 IST on BSE, a discount of 0.5% from its initial public offer price of Rs 210.

Meanwhile, the S&P BSE Sensex was up 25.41 points or 0.08% at 31,053.62. The S&P BSE Small-Cap index was down 147.50 points or 0.98% at 14,938.76.

The stock debuted at Rs 199, a discount of 5.24% from its initial public offer (IPO) price. So far the stock hit a high of Rs 208.95 and low of Rs 189.05. On BSE, so far 1.68 lakh shares were traded on the counter.

The IPO of PSP Projects received bids for 4.75 crore shares compared with 55.44 lakh shares on offer, as per NSE data. The IPO was subscribed 8.58 times. The price band for the IPO was fixed at Rs 205-210 per share. The issue opened on 17 May 2017 and closed on 19 May 2017.

The qualified institutional buyers (QIBs) category was subscribed 8.38 times. The non institutional investors category was subscribed 10.39 times. The retail individual investors (RIIs) category was subscribed 6.47 times.

The IPO committee of PSP Projects at a meeting held on 16 May 2017 allocated 45.36 lakh shares to nine anchor investors at Rs 210 per share aggregating to Rs 95.25 crore.

PSP Projects had reported net profit of Rs 21.48 crore on net sales of Rs 239.10 crore in nine months ended 31 December 2016.

PSP Projects is a multidisciplinary company developing industrial, institutional, government, government residential and residential projects in India. Services offered are across the construction value chain, ranging from planning and design to construction and post-construction activities to private and public sector enterprises.

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