EPACK Durable Shares Drop 10% on Debut Trade
Jan 30, 2024 16:37
EPACK Durable Ltd. shares closed nearly 10% below its IPO price on Tuesday. The stock opened lower and continued to decline throughout the day.
New Delhi, Jan 30 (PTI) Shares of EPACK Durable Ltd on Tuesday ended with a discount of nearly 10 per cent against the issue price of Rs 230.
EPACK Durable manufactures room air conditioners and small household appliances.
The stock of the company started the trade at Rs 225, lower by 2.17 per cent from the issue price on the BSE. During the day, it fell by 10.56 per cent to Rs 205.70. It ended at Rs 207.70 apiece, down 9.69 per cent.
On the NSE, it tanked 9.5 per cent to Rs 208.15 per share after beginning the trade at Rs 221, lower by 3.91 per cent.
The company's market valuation stood at Rs 1,989.74 crore.
In the equity market, the 30-share BSE Sensex fell by 801.67 points or 1.11 per cent to settle at 71,139.90. The Nifty declined 215.50 points or 0.99 per cent to 21,522.10.
The initial share sale of EPACK Durable was subscribed 16.37 times on the final day of subscription on January 24.
The Initial Public Offering (IPO) had a fresh issue of Rs 400 crore and an Offer for Sale (OFS) component of up to 1,04,37,047 equity shares. The price band was fixed at Rs 218-230 a share.
Founded in 2002, the company has integrated manufacturing facilities in Dehradun (Uttarakhand) and Bhiwadi (Rajasthan).
It manufactures room air conditioners, components, and small household appliances for leading Indian and MNC brands in India as an Original Design Manufacturer (ODM).
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