Shares of PDP Shipping & Projects Ltd made a weak debut on the BSE SME platform on March 18, closing 24 percent lower than the issue price, dealing heavy losses to investors.
The stock ended at Rs 102.85 per share, hitting the 5 percent lower circuit limit, compared to its IPO price of Rs 135.
The listing was at a steep discount of 19.81 percent at Rs 108.25 per share, which also marked its intraday high before the stock declined further.
Investors who subscribed to the IPO at Rs 135 per share faced a loss of over Rs 32,150 per lot, with the lot size set at 1,000 shares.
PDP Shipping & Projects IPO sails through on last day, backed by retail investors
The company, which provides logistics and cargo transportation services, had launched its SME IPO to raise Rs 12.65 crore. The issue, priced at Rs 135 per share, saw subscription of 1.01 times. According to BSE data, the IPO received bids for 9.47 lakh shares against an offer size of 9.37 lakh shares through 856 applications.
Despite subdued market sentiment, the Navi Mumbai-based firm's IPO managed to sail through on March 12, the last day of bidding.
PDP Shipping & Projects Ltd had planned to utilise the IPO proceeds primarily for long-term working capital requirements, with the remaining funds earmarked for general corporate purposes.
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