PNC Infratech sees dull debut

Shares of PNC Infratech were trading at Rs 373.65 at 11:18 IST on BSE, a 1.15% discount compared to initial public offer price of Rs 378 per share.

Meanwhile, the S&P BSE Sensex was down 62.07 points or 0.22% at 27,581.81

On BSE, so far 6.50 lakh shares were traded in the counter.

Shares of PNC Infratech debuted at Rs 381 on BSE, a 0.79% premium compared to initial public offer (IPO) price of Rs 378 per share. The stock hit a high of Rs 387.80 and a low of Rs 360 so far during the day.

PNC Infratech had offered a total of up to 1.29 crore equity shares of face value of Rs 10 each in the IPO. The company had received bids for a total of 1.41 crore shares compared with up to 90.60 lakh equity shares on offer, as per data from the National Stock Exchange (NSE) website. The IPO was subscribed 1.56 times. The company had issued shares at top end of the IPO price band of Rs 355 to Rs 378 per share.

In the nine months ended 31 December 2014, the company reported consolidated revenue of Rs 1326.37 crore with a profit after tax of Rs 62.43 crore.

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 runaways, development of industrial areas and other infrastructure activities.

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