Shares of telecom infrastructure solutions provider Pace Digitek Ltd on Monday ended marginally lower against the issue price of ₹219.
The stock started trading at ₹226.85, up 3.58 per cent from the issue price on the BSE. During the day, the stock hit a high of ₹231 and a low of ₹206.90. Shares of the company finally ended at ₹217.50 apiece, down 0.68 per cent.
On the NSE, the stock made its debut at ₹225, a premium of 2.73 per cent. It finally ended at ₹217.99, a discount of 0.46 per cent.
The company’s market valuation stood at ₹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 ₹208-219 per share.
The Bengaluru-based company’s IPO was a completely fresh issue of shares worth ₹819.15 crore.
Proceeds from the public issue, amounting to ₹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.