Fabtech Technologies' stock drops 4.55 pc in market debut

New Delhi, Oct 7 (PTI) Shares of Fabtech Technologies Ltd, a turnkey engineering solutions provider for the pharmaceuticals, biotech and healthcare industry, made a flat market debut earlier in the day and later ended 4.55 per cent lower on Tuesday.

The stock listed at par with the issue price of Rs 191 on the BSE. During the day, it declined 5 per cent to Rs 181.45. Shares of the firm finally ended at Rs 182.30 apiece, down 4.55 per cent.

On the NSE, the stock started trading at Rs 192, up 0.52 per cent from the issue price. However, later it ended 4.50 per cent lower at Rs 182.40 each share.

The company's market valuation stood at Rs 810.34 crore.

The initial share sale of Fabtech Technologies Ltd received 2.03 times subscription on the last day of bidding on Wednesday.

The Rs 230-crore initial public offer (IPO) had a price band of Rs 181-191 per share.

The company's IPO was entirely a fresh issue of up to 1.2 crore equity shares worth Rs 230 crore at the upper end of the price band.

Proceeds from the IPO will be used for funding the working capital requirements of the company, pursuing inorganic growth initiatives through acquisitions, and general corporate purposes.

Fabtech Technologies offers comprehensive start-to-finish solutions encompassing designing, engineering, procurement, installation and testing of select pharmaceutical equipment for a wide range of customers. PTI SUM SUM SHW SHW