Syncom Healthcare finally ended at Rs 87, up 17% from its issue price of Rs 75. The counter clocked volumes of 26 million shares on the BSE.
Vascon Engineers settled 10% lower at Rs 147 as compared to its issue price of Rs 165.
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(Updated at 0910hrs)
It been a mixed day for new listings this morning so far.
While Syncom Healthcare has had a good start, Vascon Engineers has slipped below its issue price.
Syncom Healthcare has jumped to a high of Rs 101 - up 35% from its issue price of Rs 75. The stock is now trading at Rs 98.50 with trades of over 1.4 million shares.
Vason Engineers opened at Rs 170 and touched a high of Rs 173. The stock thereafter slipped to Rs 156 - down 5.5% when compared to its issue price of Rs 165. Around 507,658 shares have changed hands at the counter on the BSE so far.
Syncom Healthcare has raised Rs 56 crore from the public offer, will use the proceeds for setting up new manufacturing unit at Indore, SEZ for various pharmaceutical formulations, working capital requirements and setting up an export office.
The company has fixed the issue price at Rs 75, at higher end of price band of Rs 65-75. The public issue of 7.5 million equity shares was subscribed 5.17 times, has got strong response from non-institutional and retail investors. Non-institutional investors reserved portion subscribed 16.6 times and of retail investors 6.25 times, while qualified institutional bidders (QIBs) portion subscribed 0.99 times.
Vascon Engineers, an engineering, procurement and construction services (EPC) and real estate development company, has fixed the issue price at Rs 165, at lower end of price band of Rs 165-185.
The company has raised Rs 178 crore from this issue, will used the proceedings for construction of EPC contracts & real estate development projects; repayment of debt and general corporate purposes, according to draft prospectus filed by the company.
The issue was hardly managed to subscribe fully at 1.22 times to its total offer size of 10.8 million equity shares. The retail investors and employees were stayed away from the issue as their portion subscribed by 0.62 times and 0.54 times respectively. However, non-institutional and qualified institutional investors supported the issue; their portion subscribed 3.65 times and 1.12 times respectively.