Muted debut for Shree Pushkar Chem, Pennar Engineered Building

MUMBAI: Shares of Shree Pushkar Chemicals & Fertilisers and Pennar Engineered Building Systems made muted debut on the bourses today 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, but closed slightly higher at Rs 63. On NSE too, the shares got listed 7.61 per cent below issue price at Rs 60.05.

Pennar Engineered Building Systems got listed at 177.95 against the issue price of Rs 178 on the National Stock Exchange. But, the stock lost further ground and closed at Rs 157.50 for the day.

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.