Wednesday , October 12 2016
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Shree Pushkar Chemicals, Pennar Engineered settle below issue price


MUMBAI: Shares of Shree Pushkar Chemicals & Fertilisers and Pennar Engineered Building Systems made a muted debut on the bourses today as both the firms ended the day below their issue prices.

Shares of Shree Pushkar Chemicals and Fertilisers got listed at Rs 60.05 on NSE, down 7.61 per cent from its issue price of Rs 65. At the end of today’s trade, the stock was quoting at Rs 63.05.

Meanwhile, Pennar Engineered Building Systems got listed at 177.95 on NSE. After listing, the stock lost further ground and locked in at the lower circuit limit after falling 5 per cent to Rs 169.10 and finally ended the day at 169.50.

Market experts said the subdued response to both the listings was largely on expected lines as the initial public offerings (IPOs) of both the companies had just managed to sail through.

The public offers of Shree Pushkar and Pennar Engineered were subscribed 1.27 and 1.13 times, respectively.

Shree Pushkar’s IPO received bids for over 1.45 crore shares compared with 1.15 crore on offer while the public offer of Pennar Engineered got bids for over 71.17 lakh shares as against a total issue size of 62.3 lakh.

Shree Pushkar raised Rs 70 crore by issuing fresh shares as well as an offer for sale (OFS) of 20,26,589 shares.

Pennar Engineered garnered Rs 156 crore through a fresh issue of shares and an OFS by private equity investor Zephyr Peacock and others.

Meanwhile, the broader market settled in the negative territory. The 30-share benchmark BSE Sensex ended 97.41 points lower at 25,622.17 while the broader Nifty was down 30.50 points at 7,788.10.


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