Construction firm PSP Projects today made a disappointing debut on the stock exchanges with the scrip closing 5 per cent down compared to the issue price of Rs 210 per share.
At the National Stock Exchange, shares of the company tanked 5 per cent to close at Rs 199.50. Intra-day, it touched a low of Rs 190, reflecting a slump of 9.52 per cent.
On BSE, the stock listed at a loss of 5.23 per cent at Rs 199. It further tanked 9.97 per cent to Rs 189.05 during the day before closing at Rs 208.95, showing a loss of 0.5 per cent.
The company commands a market valuation of Rs 752.22 crore.
On volume front, 1.81 lakh shares of the company were traded on BSE and over 4 lakh shares changed hands at NSE during the day.
The company's IPO 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 6.47 times.
It had fixed a price band of Rs 205-210 per share for the offer, which was open from May 17-19.
The issue was managed by Karvy Investor Services and Motilal Oswal Investment.
PSP Projects is a multi-disciplinary construction company offering a diversified range of construction and allied services across industrial, institutional and residential projects in India.
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