Ircon International shares tank nearly 14% in debut trade; stock opens at Rs 410 against issue price of Rs 475
The Rs 470-crore Ircon International IPO ran between 17 and 19 September and was subscribed nearly 10 times.
New Delhi: Shares of engineering and construction company Ircon International made a weak debut at the bourses on Friday, falling nearly 14 percent against the issue price of Rs 475.
The stock listed at Rs 410.30, a fall of 13.62 percent from the issue price on BSE.
At NSE, shares of the company debuted at Rs 412, plunging 13.26 percent.
The company's market valuation stood at Rs 4,219.62 crore.
In terms of equity volume, 5.31 lakh shares of the company were traded on BSE and over 42 lakh shares changed hands at NSE during the morning trade.
The Rs 470-crore issue ran between 17 and 19 September and was subscribed nearly 10 times.
Price band for the offer was set at Rs 470-475 per share.
Ircon International is a state-owned engineering and construction company, specialising in major infrastructure projects, commercial and residential properties, development of industrial areas and other infrastructure activities.