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CEBBCO closes 13.6% below issue price on day 1
Shares of Commercial Engineers & Body Builders Co (CEBBCO), a manufacturer of vehicle and locomotive bodies for diverse applications for road and railways transportation, settled below its issue price account of sell-off as well as nervousness in markets.
Shares of Commercial Engineers & Body Builders Co (CEBBCO), a manufacturer of vehicle and locomotive bodies for diverse applications for road and railways transportation, settled below its issue price on account of sell-off as well as nervousness in markets. The stock closed at Rs 109.75 on NSE, down 13.58% from its issue price of Rs 127 a share.
It has touched an intraday high of Rs 142.55 and low of Rs 106.35, after opening at Rs 119. Traded volumes stood at Rs 1.6 crore equity shares.
On the BSE, the stock ended at Rs 112.25, after hitting a high of Rs 144.80 and low of Rs 106.30.
Commercial Engineers is engaged in business of manufacturing vehicle bodies for commercial vehicles, refurbishment of wagons and manufacture of components for wagons, coaches and locomotives for the Indian Railways.
CEBBCO raised Rs 172 crore through IPO, which consists of a fresh issue of 1,20,47,244 equity shares by company for cash aggregating to Rs 153 crore and an offer for sale of 15,28,587 shares by New York Life Investment Management India Fund (FVCI) II LLC and Commercial Automobiles Private Limited, which amounted to Rs 19 crore.
Net proceeds from fresh issue will be used for capital expenditure for the railway project; prepayment of identified loan facilities and general corporate purposes.
