New Listing: PSP Projects closes 5% lower than issue price

The Bombay Stock Exchange (BSE) building is illuminated during a special "muhurat" trading session for Diwali, the festival of lights, in Mumbai, India, November 11, 2015. Stock markets opened on Wednesday for a special one-hour Diwali holiday session. REUTERS/Shailesh Andrade

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

After witnessing a tepid listing, PSP Projects closed 5 percent lower than its issue price on Monday. The stock closed at Rs 199.5, down from Rs 210 on the NSE.

The construction firm’s stock listed at Rs 195 on the National Stock Exchange, down 7 percent compared with issue price of Rs 210.

The company's IPO, which was open during May 17-19, was oversubscribed 8.58 times, with the qualified institutional buyers (QIBs) portion getting oversubscribed 8.38 times, non-institutional investors 10.39 times and retail investors portion 6.47 times.

The public issue comprised of fresh issue of up to 72 lakh shares and offer for sale of up to 28.80 lakh shares by existing shareholders.

PSP Projects is a multi-disciplinary construction company offering a diversified range of construction and allied services across industrial, institutional and residential projects in India.

Also watch accompanying video of PS Patel, CMD of PSP Projects which aired in CNBC-TV18. Patel spoke about the growth and order book position.