Shares of Power Mech Projects, a power infrastructure services company, made a muted debut on the bourses today, in an otherwise volatile market and got listed 6 per cent below the issue price of Rs 640.
The stock debuted at Rs 600, showing a fall of 6.25 per cent against the issue price on both the BSE and the NSE.
On the BSE, the stock touched an early high of 663.10 and a low of 585.20. On the NSE, the scrip saw a high of Rs 663 and a low of Rs 580.
The Rs 273-crore initial public offer (IPO) of Power Mech Projects had witnessed a strong investor response and was over-subscribed 38.10 times.
Power Mech said the proceeds of the issue would be utilised towards expanding the company’s presence globally and to meet the working capital requirements.
Power Mech is engaged in three business verticals — manufacturing, testing and commissioning of boilers, turbines and generators and balance of plant (BOP) for power sector, operation and maintenance and civil works which include construction jobs for the main plant and BOP requirements.
As of 11.00 am, shares of Power Mech Projects were trading at Rs 607.45 a piece, while on NSE it was trading at Rs 608.70 per share.