Stock settles at a discount of 8.48% to the IPO price
Shares of Power Mech Projects settled at Rs 585.75 on BSE, a discount of 8.48% to initial public offer (IPO) price of Rs 640 per share. The stock debuted at Rs 600, a discount of 6.25% to the IPO price. The stock hit a high of Rs 663.10 and a low of Rs 580 in intraday trade.
On BSE, 11.50 lakh shares were traded in the counter.
Power Mech Projects had priced its initial public offer (IPO) at Rs 640 per share, the top end of the Rs 615 to Rs 640 per share price band for the IPO. The IPO had received strong response from investors. The IPO was subscribed 38.12 times.
The company intends to utilize the proceeds of the IPO for working capital requirements and for general corporate purpose.
Power Mech Projects reported net profit of Rs 70.70 crore on net sales of Rs 1355.61 crore in the year ended March 2015.
Power Mech Projects is an integrated power infrastructure services provider.
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