Ztech India makes disappointing debut, lists at 9% discount over IPO price
The listing gains fell short of grey market estimates, attributed to a weak market following the underwhelming performance of the BJP-led National Democratic Alliance.
Ztech India made a weak stock market debut on June 5, listing at a discount of 9.1 per cent at ₹100 on the NSE SME over the issue price of ₹110.
The listing gains fell short of grey market estimates, attributed to a weak market following the underwhelming performance of the BJP-led National Democratic Alliance.
Also read: Ztech India IPO day 3 Check Subscription status , GMP, key dates and all you need to know
The initial public offering (IPO) worth ₹37.30 crore, was a fresh issue of 33.91 lakh shares, attracted significant investor interest, being subscribed slightly over 371 times. Non-institutional investors led the charge, purchasing 832.37 times their allotted quota. Retail investors subscribed 315 times their share, while Qualified Institutional Buyers (QIBs) bought 123 times the portion reserved for them.
Founded in 1994, the company specializes in designing civil engineering products for infrastructure and civil construction projects across India. It is also active in the waste management sector, focusing on developing theme parks using recycled scrap materials.
Ztech India, a waste management company, specializes in transforming discarded materials into theme parks. The company provides environmentally friendly engineering solutions, including geotechnical specialized services, industrial wastewater management, and sustainable theme park development.
The objectives of the issue was to meet the company's working capital requirements, fund general corporate purposes, and cover the associated issue expenses.
Maashitla Securities Private Limited was the IPO registrar for Ztech India's public offering, with Narnolia Financial Services Ltd. acting as the book running lead manager.
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