PSP Projects makes shallow debut, lists at 5% discount over issue price
DSIJ Intelligence / 29 May 2017
Listing at Rs 199, Ahmedabad-based construction company PSP Projects made a sluggish debut on the BSE on May 29, 2017. The stock listed at a discount of 5.24 per cent over its issue price of Rs 210 per piece.
Listing at Rs 199, Ahmedabad-based construction company PSP Projects made a sluggish debut on the BSE on May 29, 2017. The stock listed at a discount of 5.24 per cent over its issue price of Rs 210 per piece.
The Rs 211-crore IPO of the company ran on May 17 and May 18, 2017, oversubscribed 8.58 times. The qualified institutional buyers (QIBs) portion got oversubscribed 8.38 times, non-institutional investors 10.39 times, while the retail investors portion oversubscribed 6.47 times.
The public issue of the company comprised a fresh issue of up to 72 lakh shares and an offer for sale of up to 28.80 lakh shares by the existing shareholders.
The company’s standalone total order book was worth Rs.729.2 crore as of March 31, comprising of 17 institutional projects, 4 industrial projects, 4 government projects and 2 government residential projects. Moreover, the company’s subsidiaries and joint ventures had a total order book worth Rs.91 crore and Rs 107.4 crore, respectively, at the end of the fiscal year 2017.
PSP Projects has been diversifying its services across geographies by undertaking bid for projects pan India.
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