Shares of Fabtech Technologies Ltd, a turnkey engineering solutions provider for the pharmaceuticals, biotech and healthcare industry, made a flat market debut on Tuesday.
The stock listed at par with the issue price of ₹191 on the BSE. Later, it traded 2.68 per cent lower at ₹186.
At the NSE, the stock started trading at ₹192, up 0.52 per cent from the issue price.
The company’s market valuation stood at ₹826.78 crore.
The initial share sale of Fabtech Technologies Ltd received 2.03 times subscription on the last day of bidding on Wednesday.
The ₹230-crore initial public offer (IPO) had a price band of ₹181-191 per share.
The company’s IPO was entirely a fresh issue of up to 1.2 crore equity shares worth ₹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.