Stocks

A2Z Maintenance makes weak debut

PTI Mumbai | Updated on November 09, 2017 Published on December 23, 2010

A2Z Maintenance & Engineering Services (A2Z) made a weak debut on the Bombay Stock Exchange on Thursday, with shares of the company opening at a 2.5 per cent discount against their issue price of Rs 400.

This was in line with street expectations, as the initial public offer of A2Z failed to garner enough investor interest and was only subscribed 0.96 times, said an expert.

Shares of A2Z were listed at Rs 390 apiece on the BSE, down 2.5 per cent from the issue price. Within the first minutes of trade, the scrip slipped by nearly 12 per cent to Rs 352.65 amid acute selling pressure.

In sharp contrast, the counter made a stellar debut on the National Stock Exchange, debuting at Rs 500, a premium of 25 per cent over its issue price. However, shares soon lost momentum and were down 12 per cent against the issue price of Rs 400 at Rs 352.35 apiece within the first few minutes of trade.

The engineering, procurement and construction services provider had fixed the issue price at the lower end of the Rs 400-410 price band for its initial public offering, through which it raised Rs 675 crore.

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Published on December 23, 2010
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