A2Z Maintenance Drifts IPO Price on Its Listing Day

December 23, 2010   ·   0 Comments

Shares of engineering, procurement and construction (EPC) services provider A2Z Maintenance and Engineering Services saw good listing today but immediately drifted below its issue price. Overpriced and lower subscription could be reasons behind this sell-off today.

A share opened at Rs 500 on National Stock Exchange, which was its high while touched a low of Rs 352.35 in early trade. At 9:42 hours IST, it was trading at Rs 378, down 5.5% from issue price of Rs 400 a share. On the BSE, the stock was trading at Rs 379.50, with volumes of 26.33 lakh equity shares, after hitting a high of Rs 398.90 and low of Rs 352.65.

The company raised Rs 776.25 crore through IPO of 1,94,07,750 equity shares; it consists of fresh issue of Rs 675 crore and offer for sale of Rs 101.25 crore. Earlier it had aim to raise around Rs 860 crore.

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Rajesh Singla

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