Shares of National Buildings Construction Corporation (NBCC) on Thursday made a weak debut on the bourses, listing at Rs. 100, against the issue price of Rs. 106 per share.
The state-owned company’s shares opened on the BSE with a dip of 5.66 per cent against the issue price. Soon, the stock witnessed more profit-booking and was trading at Rs 97.80, down 7.73 per cent from the issue price.
At the NSE also, NBCC made a sluggish debut at Rs 101, down 4.71 per cent. Later, at 1042 hours, the stock was trading at Rs. 98, down 7.55 per cent.
The price band of the IPO had been fixed at Rs. 90-106 per share. The government raised Rs 127 crore through the IPO which had opened for subscription during March 22-27.
NBCC, which is under the administrative control of Ministry of Urban Development, provides project management consultancy services for construction projects, civil infrastructure for power sector and real estate development.
NBCC was the government’s third and last disinvestment candidate in last fiscal, after Follow-on Public Offer of Power Finance Corp (PFC) in May 2011 and sale of shares through a one-day auction of ONGC in March.