Shares of Ztech India made a weak start on its stock market debut on June 5 after listing at Rs 100, a discount of 9.1 percent over the issue price of Rs 110 on the NSE SME platform.
The listing gains miss grey market estimates due to a weak market after the a rather weak performance by BJP-led National Democratic Alliance. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
Follow our live blog for all the market updates
The Rs 37.30 crore initial public offer (IPO) which is a fresh issue of 33.91 lakh shares received high investor interest as the offer was subscribed slightly above 371 times. Non-institutional investors were at the forefront purchasing 832.37 times their allotted quota. Retail investors bought 315 times their allotted share. QIBs bought 123 times the portion reserved for them.
Established in 1994, it specializes in designing civil engineering products for infrastructure and civil construction projects across India. The company is also engaged in the waste management sector, with a focus on developing theme parks using recycled scrap materials.
The objectives of the issue are to address the company's working capital needs, to fund general corporate purposes, and to cover the associated issue expenses.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
