PG Electroplast, an electronic manufacturing services provider has listed at Rs 200, a 9% discount against its issue price of Rs 220 per share on the Bombay Stock Exchange (BSE). The stock hit a high of Rs 215 and low of Rs 176 so far. Around 704,120 on shares have changed hands on the counter on opening deals.
The company raised Rs 120.65 crore through the initial public offer (IPO) intends to use the net proceeds of the tissue for prepayment of the portion of term loan and line of credit facility proposed to be availed by company for the expansion under Phase I; expansion of manufacturing facility at Unit III, Greater Noida; expansion of manufacturing facility at Unit IV, Pune; and for long term working capital requirements.
The company had priced the IPO at the top end of the Rs 190 to Rs 210 per share price band was subscribed by 1.34 times. The retail individual investors and qualified institutional buyers category were subscribed 1.60 and 0.98 times, respectively.