The shares of Admach Systems made a weak debut on the stock markets on December 31, listing at Rs 191.20 apiece on the BSE SME platform. This marks a 20 percent discount over the IPO price of Rs 239 apiece.
The shares of the company debuted with a market capitalisation of Rs 129.50 crore.
The listing has missed grey market estimates. Ahead of listing, the unlisted shares of Admach Systems were trading with nearly 5 percent grey market premium (GMP) over the IPO price, according to data on Investorgain.
According to IPO Watch, the unlisted shares of the company were trading with 4.6 percent GMP over the IPO price.
Admach Systems had launched its initial public offering (IPO) earlier this month to raise Rs 42.60 crore entirely through a fresh issue of 18 lakh shares at a price band of Rs 227-239 per share.
Investors could bid for a minimum of 1,200 shares, requiring an investment of Rs 2.87 lakh at the upper price band, and in multiples thereafter.
The company aims to use Rs 16.47 crore from the fresh issue proceeds for funding capex for purchase and installation of new machinery, Rs 15.50 crore for funding working capital requirement and the remainder for general corporate purposes.
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