Precision Camshafts shares which debut on bourses on Monday fell as much as 16.66 per cent intraday against their issue price of Rs 186. Shares of Precision Camshafts listed at Rs 163.10 and had touched a high and low of Rs 184.70 and Rs 155, respectively, in trade so far.
The initial public offer of the auto ancillary company was subscribed 1.91 times earlier, according to data compiled from both exchanges.
Shares of the company closed 4.70 per cent down at Rs 177.25 against the issue price.
Precision Camshafts is promoted by Yatin Shah and Suhasini Shah, who have over 20 years of experience in the critical engine component manufacturing and have established strong business relationships with marquee global OEMs. Company’s promoters are first generation entrepreneurs who started the business of manufacturing of critical engine component in 1992.
The company’s share sale programme was the first initial public offering (IPO) of 2016.
The Solapur, Maharashtra-based Precision Camshafts manufactures and sells over 150 types of camshafts for small and mid-sized passenger vehicle engines to a large number of companies, including some overseas OEMs.