Ultra Wiring Connectivity Systems Ltd. makes a weak debut on the bourses with scrip got listed at Rs 33.10 on the Bombay Stock Exchange, a 26.44 per cent discount to its issue price of Rs 45.00. On the National Stock Exchange, the stock was listed at Rs 33.10.
The company, which raised 0.14 Cr from initial public offering, was subscribed 1.54 times, receiving bids for 21.19 lakhs shares against the total issue size of 13.76 lakhs shares.
The company, listed under ST Group Securities post its IPO, opened for subscription from Oct 12 to Oct 17.
Following a weak opening, the scrip touched an intraday high of Rs 34.00 and a low of Rs 31.50, before closing the session up by 26.22 per cent to its listing price at Rs 33.20 on the NSE.
The company anticipates using the proceeds of the issue for For Setting up of New Unit at Plot No , Sector , IMT, Faridabad, by setting up a parallel production line for manufacture of Connector and New Line for manufacturing of Blade Fuse, Working Capital requirements, General Corporate Purposes and, Issue Expenses.
D&A FINANCIAL SERVICES (P) LTD as lead managers & BIGSHARE SERVICES PRIVATE LIMITED is the registrar, to the issue.
Meanwhile, the broader benchmark NSE Nifty closed trade at 10,030.00, down 94.90 points, or 0.93 per cent.