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Muted debut on BSE, NSE for Shree Pushkar Chem, Pennar Engineered Building

Both the firms got listed below their issue prices on the bourses.

twitter-logo PTI   Mumbai     Last Updated: September 10, 2015  | 17:02 IST
Muted debut on BSE, NSE for Shree Pushkar Chem, Pennar Engineered Building
Photo: Reuters

The shares of Shree Pushkar Chemicals & Fertilisers and Pennar Engineered Building Systems made muted debut on the bourses on Thursday as both the firms got listed below their issue prices.

Shares of Shree Pushkar Chemicals and Fertilisers got listed at Rs 60 on BSE, down 7.69 per cent from its issue price of Rs 65. The shares got listed 7.61 per cent below their issue price at Rs 60.05 on NSE as well. Its shares closed at Rs 63 on BSE and at Rs 63.05 on NSE.

Meanwhile, Pennar Engineered Building Systems got listed at 177.95 on National Stock Exchange.  After listing, the stock lost further ground and locked at the lower circuit limit after falling 5 per cent to Rs 169.10. Its shares closed at Rs 157.50 on BSE and Rs 169.90 on NSE.

The initial public offerings (IPOs) of both the companies just managed to sail through. The public offers of Shree Pushkar and Pennar was over- subscribed 1.27 times and 1.13 times, respectively. Shree Pushkar's IPO received bids for over 1.45 crore shares compared with 1.15 crore equity scrips on offer while the public offer of Pennar 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 garnered Rs 156 crore through a fresh issue of shares and an OFS by private equity investor Zephyr Peacock and others.

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