Pace Digitek shares end marginally lower in market debut trade

New Delhi, Oct 6 (PTI) Shares of telecom infrastructure solutions provider Pace Digitek Ltd on Monday ended marginally lower against the issue price of Rs 219.

The stock started trading at Rs 226.85, up 3.58 per cent from the issue price on the BSE. During the day, the stock hit a high of Rs 231 and a low of Rs 206.90. Shares of the company finally ended at Rs 217.50 apiece, down 0.68 per cent.

On the NSE, the stock made its debut at Rs 225, a premium of 2.73 per cent. It finally ended at Rs 217.99, a discount of 0.46 per cent.

The company's market valuation stood at Rs 4,694.77 crore.

The initial public offer of Pace Digitek Ltd garnered 1.59 times subscription on the final day of bidding on Tuesday last week.

The issue had a price band of Rs 208-219 per share.

The Bengaluru-based company's IPO was a completely fresh issue of shares worth Rs 819.15 crore.

Proceeds from the public issue, amounting to Rs 630 crore, will be used to fund capital expenditure requirements, and a portion will be allocated towards general corporate purposes.

Incorporated in 2007, Pace Digitek is a multi-disciplinary solutions provider, specialising in the telecom passive infrastructure industry, including telecom tower infrastructure and optical fibre cables. PTI SUM SUM SHW