Pennar Engineered Building Systems Ltd (PEBS), a subsidiary of Hyderabad-based Pennar Industries Ltd, made a weak stock market debut listing at Rs 150 a share, almost 16 per cent below the issue price of Rs 178 on Thursday.
Shares of the company last traded at Rs 157.50 each on BSE before hitting the circuit filter in a weak Mumbai market.
The company concluded the IPO recently and saw around 15 per cent oversubscription on the last day.
It raised around Rs 165 crore, bulk of which went to its selling shareholders including Zephyr Peacock and Eight Capital.
Zephyr Peacock almost tripled its value of investment in the IPO and its remaining stake is now worth Rs 36 crore.
Motilal Oswal, Axis Capital and Karvy managed the issue.
Incorporated in 2008, PEBS delivers engineered steel building solutions for commercial, industrial, logistics, aviation, agriculture, sports stadia and other sectors. It provides design, manufacture, supply and installation of custom designed steel building systems and building components.