The shares of Fabtech Technologies made a muted debut on the stock markets on October 7, listing nearly flat at the IPO price on BSE and NSE. This comes despite the company’s IPO being subscribed more than two times its offer size between September 29 and October 1.
Fabtech Technologies shares listed at Rs 191 apiece on BSE, same as its IPO price. On NSE, the shares listed with a minor premium of 0.52 percent over the IPO price at Rs 192 apiece.
The stock then dropped nearly 5 percent to close at Rs 182.30 per share on BSE. Its market capitalisation at the end of the debut day stood at Rs 810.34 crore.
Muted listing at par with grey market estimates:
The muted listing is at par with grey market estimates. Ahead of listing, the unlisted shares of the company were also trading flat at the IPO price with zero grey market premium, according to data on Investorgain and IPO Watch.
About Fabtech Technologies IPO:
The maiden public issue of the turnkey engineering solutions provider for pharmaceuticals, biotech and healthcare industry was launched in September to raise Rs 230 crore entirely through a fresh issue of 1.2 crore equity shares at a price band of Rs 181-191 per share.
Proceeds from the IPO will be used for funding the company’s working capital requirements, pursuing inorganic growth initiatives through acquisitions, and general corporate purposes.
Fabtech Technologies offers comprehensive start-to-finish solutions encompassing designing, engineering, procurement, installation and testing of select pharmaceutical equipment for a wide range of customers.
Till June 2024, the company had completed 35 projects across countries, including Saudi Arabia, Egypt, Algeria, Bangladesh, Ethiopia, Sri Lanka, and the UAE. Unistone Capital was the sole book-running lead manager to the issue.
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