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PSP Projects Shares Make Weak Debut, Falls 9.5%

PSP Projects said that the proceeds from the IPO would be utilised towards funding working capital requirements and for general corporate purposes.
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PSP Projects Shares Make Weak Debut, Falls 9.5%
Shares of multidisciplinary construction company PSP Projects made a weak debut on stock exchanges today. PSP Projects shares fell as much as 9.5 per cent to Rs 190 against its issue price of Rs 210. The Ahmedabad-based construction company PSP Projects, earlier this month raised Rs 212 crore through IPO, which was a mix of fresh issue and offer for sale by promoters. The public issue comprised fresh issue of up to 72 lakh shares and offer for sale of up to 28.80 lakh shares by existing shareholders.

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 portion 6.47 times.

PSP Projects said that the proceeds from the IPO would be utilised towards funding working capital requirements and for general corporate purposes.

As of 11:34 am, shares of PSP Projects traded 5 per cent lower at Rs 199.50.

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