Multi-disciplinary construction company PSP Projects on Monday witnessed a cut of seven percent as compared with the issue price of Rs. 210.
Listed on the National Stock Exchange (NSE) with a share price of Rs. 195, the stock was trading at Rs. 193, down eight percent from issue price, reported the MoneyControl.
In pre-opening trade, the stock settled at Rs 190 on the exchange despite good subscription.
The company's IPO, which was open during May 17-19, was oversubscribed 8.58 times, with the qualified institutional buyers (QIBs) portion getting oversubscribed 8.38 times, non-institutional investors 10.39 times and retail investors portion 6.47 times.
Earlier, the public issue comprised of fresh issue of up to 72 lakh shares and offer for sale of up to 28.80 lakh shares by existing shareholders.
However, PSP Projects offers a diversified range of construction and allied
services across industrial, institutional and residential projects in India.
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