Shares of construction firm PSP Projects made a tepid debut at the bourses today, falling 9.5 per cent from the issue price of Rs 210. The stock listed at Rs 199, down 5.23 per cent from the issue price on BSE. At NSE, shares of the company opened at Rs 190, tumbling 9.52 per cent against the issue price.
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.