PVC conduit pipes manufacturer Sanco Industries today made a weak debut at the NSE EMERGE platform declining by over 4% on the stock exchange.
The shares of Sanco, a small and medium enterprise (SME), opened at Rs 19 and closed at Rs 17.25 apiece on the NSE (National Stock Exchange), a plunge of 4.17%.
Sanco, which has a manufacturing unit in Himachal Pradesh, today became the fifth company to be listed on NSE's EMERGE, a dedicated platform that enables SMEs to raise funds and get listed as public entities.
A total of 32,000 shares of Sanco were traded during the day on the stock exchange.
Sanco had launched its IPO on February 24 and had offered 24 lakh equity shares for cash at a price of Rs 18 per share aggregating up to Rs 4.32 crore.
The SME's public issue was oversubscribed by 1.46 times, NSE said in a statement.
"We hope to create long-term relationships with our investors and we wish to thank all the investors, who have participated in the success of this issue," Sanco Managing Director Sanjay Gupta said in a statement.
Sanco has been adjudged as one of the top 100 SMEs of India for the period 2012-13 by the Bank of India, NSE said.
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