Power Mech Projects was trading at Rs 621.90 at 11:45 IST on BSE, at a discount of 2.82% to issue price of Rs 640 on its debut on the bourses today, 26 August 2015.
Meanwhile, the BSE Sensex was up 48.92 points, or 0.19% to 26,081.30.
Shares of Power Mech Projects made a debut at Rs 600, at a discount of 6.25% to issue price of Rs 640 on its debut on the bourses today, 26 August 2015. The stock hit a high of Rs 663.10 and a low of Rs 585.20 so far during the day.
On BSE, so far 6.67 lakh shares were traded in the counter.
Power Mech Projects had priced its initial public offer (IPO) at Rs 640 per share, the top end of the Rs 615 to Rs 640 per share price band for the IPO. The IPO had received strong response from investors. The IPO was subscribed 38.12 times.
The company intends to utilize the proceeds of the IPO for working capital requirements and for general corporate purpose.
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Power Mech Projects reported net profit of Rs 70.70 crore on net sales of Rs 1355.61 crore in the year ended March 2015.
Power Mech Projects is an integrated power infrastructure services provider.
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