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Shares of Precision Camshafts made a weak debut at the bourses today, falling over 12 per cent against the issue price of Rs 186.
The stock listed at Rs 163.10, down 12.31 per cent over the issue price on the BSE. The stock touched a high of Rs 184.70 and a low of Rs 155.
On the NSE, shares of the company debuted at Rs 165, reflecting a loss of 11.29 per cent.
The stock saw some recovery and was later quoting at Rs 181.20 at 1230 hrs.
The IPO of Precision Camshafts, the first public offering of 2016, had seen an over subscription of 1.89 times.
The company had set a price band of Rs 180-186 for the share sale. The Rs 240-crore public issue had closed on January 29.
Maharashtra-based Precision Camshafts makes over 150 varieties of camshafts for small and mid-sized passenger vehicle engines world over.
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