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Shares of PNC Infratech on Tuesday dropped nearly 5 per cent during its stock market debut. The Agra-based infrastructure company had raised over Rs 480 crore through an initial public offering (IPO) earlier this month.
Shares of PNC ended at Rs 360 compared to the issue price of Rs 378 per share. At the current market price, the company is valued at Rs 1,848 crore. Shares of the company traded in the range between Rs 346 and Rs 388.
The company's IPO saw weak demand from retail and high networth individuals (HNIs) but managed to sail through on the back of institutional investor participation. The 12.9 million-share offering was subscribed 1.56 times. The retail and HNI category had remained undersubscribed at 28 per cent and 65 per cent respectively. The institutional category had seen 4.5 times subscription. Around 10 per cent of the issue was offer for sale by existing investors, while the remaining was issue of fresh capital to repay debt and meet working capital requirements.
PNC is the seventh company to have made its stock market debut this year. Its IPO was managed by ICICI Securities and IDFC Investment Banking.
