VKS Projects scrip ends just 1% up at BSE on debut

MUMBAI: VKS Projects, an engineering procurement and construction firm, failed to impress investors on the first day of its trade today, with the stock closing just 1 per cent higher on the BSE.

After a volatile trade through the day, it closed at Rs 55.60, up 1 per cent from the issue price of Rs 55 per share.

Soon after the opening, the stock had fallen below the issue price, hitting a lower circuit of Rs 53.05, from where it made some recovery.

On the NSE, the scrip ended flat at Rs 55 after debuting at Rs 56.35.

In terms of volume, a total of 22.9 lakh shares changed hands on the bourses during the day.

The company has raised Rs 55 crore through initial public offer ( IPO).

It has proposed to use the net proceeds of the issue to meet long-term working capital requirements and for setting up of engineering design studio/office and training centre in Chennai, Cochin, Delhi, Hyderabad and Ahmedabad.

In the broader market, the BSE 30-share Sensex ended at 17,185.01, up 79.71 points.