A2Z Maintenance & Engineering Services (A2Z) disappointed on the first day of trade on the bourses today, with the scrip plunging nearly 18 per cent on the Bombay Stock Exchange over the issue price.
A2Z slipped 17.77 per cent to settle at Rs 328.90 on BSE below its issue price of Rs 400. During the day, the stock had lost 20.33 per cent to hit its intra-day low of Rs 318.65.
Investors dumped the stock and the company tumbled 17.96 per cent on the National Stock Exchange as well to close at Rs 328.15.
However, contrary to its BSE opening, A2Z made a handsome debut on NSE, debuting at Rs 500, a jump of 25 per cent over its issue price.
This was in line with market expectations, as the initial public offer of A2Z failed to enthuse enough investor interest and was not even fully-subscribed, an expert said.
In terms of valuation, over five crore shares of the company were traded on the two bourses.
The engineering, procurement and construction (EPC) services provider had fixed the issue price at the lower end of the Rs 400-410 price band for its initial public offering, through which it mopped up Rs 675 crore.
The company plans to utilise the funds raised through the IPO for expansion of its solid waste management plants and setting up new green energy plants.
Meanwhile, the BSE 30-share bellwether Sensex ended the day on flat note at 19,982.88, down 32.92 points.