The infrastrucure development and civil construction company, Prakash Constrowell, made its handsome debut on the bourses. The company was listed at Rs 145 per share on the BSE against the issue price of Rs 138 per share.
The stock lost its ground after sometime and for a moment it went below Rs 120 per share. But then company's stock regained.
The trend on the national stock exchange was similar to that on the BSE. The stock price went up by over 6% on the NSE.
Prakash Constrowell came out with its IPO at the price band of Rs 130-138 per equity share. The face value of each share was Rs 10, the company collected a total of Rs 60 crore through its IPO.
The company aims to utiliZe the amount raised through IPO to meet its working capital requirement. It will invest in construction equipment and some amount in subsidiaries, in addition to meeting general corporate purposes.
Prakash Constrowell operates in the three construction segments, namely infrastructure development, civil construction and residential and commercial real estate construction.