Mumbai: A2Z Maintenance & Engineering Services (A2Z) made a weak debut on the Bombay Stock Exchange (BSE) on Thursday, with shares of the company opening at a 2.5% discount against their issue price of Rs400.
This was in line with street expectations, as the initial public offer of A2Z failed to garner enough investor interest and was only subscribed 0.96 times, said an expert.
Shares of A2Z were listed at Rs390 apiece on the BSE, down 2.5% from the issue price. Within the first minutes of trade, the scrip slipped by nearly 12% to Rs352.65 amid acute selling pressure.
In sharp contrast, the counter made a stellar debut on the National Stock Exchange (NSE), debuting at Rs500, a premium of 25% over its issue price. However, A2Z shares soon lost momentum and were down 12% against the issue price of Rs400 at Rs352.35 apiece within the first few minutes of trade.
The engineering, procurement and construction (EPC) services provider had fixed the issue price at the lower end of the Rs400-410 price band for its Initial Public Offering (IPO), through which it raised Rs675 crore.
The company plans to utilise the funds raised through the IPO for expansion of its solid waste management plants and setting up new green energy plants.