Prakash Constrowell debuted at Rs 145 on BSE, up by 7 points or 5.07% from its issue price of Rs 138.
The scrip is currently trading at Rs 148.30, up by 10.30 points or 7.46% from its issue price and has touched a high and low of Rs 149.95 and Rs 143.00 respectively. So far 366791 shares were traded on the counter.
Construction company Prakash Constrowell has fixed the issue price at Rs 138, higher end of price band of Rs 130-138 per share. The issue was subscribed 2.21 times. The portion reserved for qualified institutional buyers (QIBs) was subscribed 0.31 times, while that of non institutional investors was subscribed 2.76 times. Retail individual investors category got 4.68 times subscription.
The company proposes to utilise the net proceeds of the issue to meet working capital requirement, investment in construction equipment and subsidiaries, in addition to meeting the general corporate purposes and public issue expenses. The company is engaged in the business of infrastructure development and civil construction.