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.
