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PTC Financial Services had a poor debut at the stock exchanges with the stock closing below the issue price on listing day.
The stock closed down by around 11 per cent to end the day at Rs 24.90 on the BSE and at Rs 24.80 on the NSE against the issue price of Rs 28.
The stock touched a high of Rs 28 and Rs 27 on the BSE and NSE respectively and a low of Rs 23.50 on both.
According to the shareholding pattern available with the exchanges, the promoters hold 60 per cent stake. GS Strategic Investments Ltd has the largest share with 8 per cent, followed by HSBC Bank (Mauritius) Ltd at 3.68 per cent and Macquarie India Holdings at 3.46 per cent.
State Bank of India is holding 3.09 per cent. The other big investors include LIC (2.47 per cent), Bajaj Allianz Life Insurance (2.16 per cent) and Emerging Markets Growth Fund (1.63).
Before the public issue, PTC India, the promoter of PTC India Financial, was holding 77.6 per cent stake, while Macquarie India Holdings Ltd and Goldman Sachs held 11.2 per cent each in the company.
The issue received around 31,630 applications and was subscribed 1.51 times. While the QIB portion was subscribed around 2.85 times, the retail portion was subscribed 0.99 times.
PTC Financial Services is the financial services arm of PTC India, a power trading solutions company. The company had received around Rs 440 crore from its initial public offering. The company had received an “above-average fundamental” grading from CARE and ICRA.
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