Precision Camshafts shares down 5% on debut
1 min read . Updated: 08 Feb 2016, 07:05 PM ISTThe stock which listed at `163.10, down 12.31% over the issue price, finally ended the day at `177.25
Mumbai: Shares of Precision Camshafts Ltd, which made a weak debut at the bourses on Monday, ended nearly 5% lower against the issue price of ₹ 186.
The stock which listed at ₹ 163.10, down 12.31% over the issue price, finally ended the day at ₹ 177.25, reflecting a loss of 4.7% on the Bombay Stock Exchange. During the day, the stock touched a high of ₹ 184.70 and a low of ₹ 155.
At the National Stock Exchange, shares of the company fell 4.59% to close at ₹ 177.45. On the volume front, 30.79 lakh shares of the company changed hands at BSE and over one crore shares were traded at NSE during the day. The company at present commands a market valuation of ₹ 1,679.35 crore.
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 ₹ 180-186 for the share sale. The ₹ 240-crore public float had closed on 29 January. Maharashtra-based Precision Camshafts makes over 150 varieties of camshafts for small and mid-sized passenger vehicle engines world over.
Meanwhile, the broader market too witnessed selling pressure where the BSE Sensex ended with a loss of 329.55 points at 24,287.42.
