Vascon Engineers slips on listing

Vascon Engineers Ltd., an engineering, procurement and construction (EPC) services and real estate development company, closed the maiden trading day on the bourses at Rs146.45, down 11.24% to its issue price of Rs165. It touched an intraday low of Rs145.10 and high of Rs171.95 on the NSE. Traded volume stood at 94,70,462 shares and the turnover was Rs1.44bn. On the BSE, the stock touched a day's high of Rs173.45 and low of Rs144, before closing at Rs147.20, down 10.8%. The public issue of 10,800,000 equity shares was opened for subscription between January 27 and January 29 at a price band of Rs165-185 and was subscribed 1.22 times. The company raised Rs1.78bn from the IPO, which will be used for construction of EPC contracts and real estate development projects; repayment of debt and general corporate purposes.