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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.
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