The company had raised a little over Rs 95 crore from anchor investors on Tuesday.
The initial public offering (IPO) of PSP Projects was subscribed 0.05 times as of 01:00 pm on the first day of its issue, data available with the National Stock Exchange (NSE) has revealed.
From a total issue size of 55,44,000 shares, the issue received bids for 2,81,130 shares.
The construction firm had raised a little over Rs 95 crore from anchor investors ahead of its IPO. The company alloted 45,36,000 equity shares at Rs 210 apiece aggregating to Rs 95.25 crore to nine anchor investors, PSP Projects said in a statement. The anchor investors include Reliance Mutual Fund, SBI MF, Axis MF, Sundaram MF and Birla Sun Life Insurance.
PSP Projects' initial share-sale offer opened on Wednesday and will closed on May 19. It has fixed the price band at Rs 205-210 per equity share.The public issue comprises fresh issue of up to 72 lakh equity shares and offer for sale of up to 28.80 lakh units by existing shareholders. It is expected to raise Rs 211 crore. Proceeds from the fresh issue will be utilised towards funding working capital requirements and for general corporate purposes. The