Shares of infrastrucure development and civil construction firm Prakash Constrowell made a handsome debut on the bourses today, listing at Rs 145 apiece on the BSE vis-a-vis their issue price of Rs 138 per share, but soon lost ground and were trading in the red.
The scrip got listed at Rs 145, a 5% increase vis-a-vis their issue price on the BSE. A similar trend was seen on the National Stock Exchange (NSE), where shares of the company debuted at Rs 147.20, up 6.66% compared to their issue price.
However, the stock later plummeted and was trading at Rs 118.70 at 1015 hours on the BSE, well below the issue price.
Prakash Constrowell had entered the capital market through an IPO with a price band of Rs 130-138 per equity share of Rs 10 face value each, through which it raked in Rs 60 crore.
The company proposes to utilise the net proceeds of the issue to meet working capital requirement and invest in construction equipment and subsidiaries, in addition to meeting general corporate purposes.
Prakash Constrowell operates in the three construction segments, namely infrastructure development, civil construction and residential and commercial real estate construction.