Fabtech Technologies Faces Market Challenges Post-IPO

Fabtech Technologies Ltd, which provides engineering solutions for the pharmaceuticals, biotech, and healthcare sectors, made a tentative entrance into the stock market. Despite initially listing on a par with its issue price of Rs 191 on the BSE, the company's shares ended the day 4.55% lower.

On the NSE, the stock began trading higher than the issue price at Rs 192 but ultimately closed down 4.50%, at Rs 182.40 per share. With a market valuation of Rs 810.34 crore, Fabtech's IPO had been subscribed 2.03 times, reflecting a mixed reception in the financial market.

The Rs 230-crore IPO, priced between Rs 181 and Rs 191 per share, was exclusively a fresh issue. Proceeds are earmarked for bolstering the company's working capital, pursuing growth through acquisitions, and covering general corporate expenses.

(With inputs from agencies.)