EPack Prefab shares make weak market debut, end down 7.4% from IPO price on listing day

EPack Prefab Technologies Ltd. marked a weak listing on the stock exchanges today, with shares ending down 7.4% from the IPO price. The stock closed at Rs 188.9 on NSE on its debut trading day, against the allotment price of Rs 204.

However, the stock moderately recovered from an even weaker listing at Rs 183.85 earlier in the day. The listing comes after the company’s Rs 504-crore IPO was subscribed 3.07 times.

IPO subscription details

The three-day IPO, open between September 24 and September 26, comprised a fresh issue of Rs 300 crore and an offer-for-sale (OFS) of Rs 204 crore. The issue received bids for 5.43 crore shares against 1.77 crore shares on offer. Demand was led by qualified institutional buyers (QIBs), whose portion was subscribed 5.10 times, followed by non-institutional investors (NIIs) at 3.68 times and retail investors at 1.7 times.

Grey market signals

Ahead of listing, shares of EPack Prefab were trading with a flat grey market premium (GMP) over the IPO price, suggesting limited speculative upside at debut. GMP trends, however, are indicative and may not always reflect actual listing outcomes.

Company profile and outlook

Founded in 1999 and headquartered in Greater Noida, EPack Prefab Technologies is a niche infrastructure player specialising in pre-engineered buildings (PEB) and EPS packaging. The company holds around 8 percent domestic market share in PEBs and has executed more than 4,400 projects for nearly 2,000 clients over FY23–FY25.

EPack operates three manufacturing facilities located in Greater Noida (Uttar Pradesh), Ghiloth (Rajasthan), and Mambattu (Andhra Pradesh), along with three design centres in Noida, Hyderabad, and Visakhapatnam. Proceeds from the fresh issue will be deployed towards a new facility in Rajasthan, expansion of the existing Andhra Pradesh unit, debt repayment, and general corporate purposes.

Analysts note that at the issue price, EPack was valued at a P/E of 34.5x and EV/EBITDA of 15.4x, with a post-issue market cap of about Rs 2,049 crore. While valuations appear on the higher side, the company’s strong client base, execution record, and focus on cost-competitive, technology-driven solutions provide visibility for long-term growth.

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