PDP Shipping shares plunge 24% on listing day

PDP Shipping & Projects Ltd had a tough start on the BSE SME platform today, March 18. The company's shares dropped by 24% on their first day, ending at Rs 102.85. This price is significantly lower than the IPO price of Rs 135. The stock opened at Rs 108.25 but quickly fell to the lower circuit limit. Investors who bought shares at the IPO price lost about Rs 32,150 for each lot of 1,000 shares. PDP Shipping & Projects is a company that provides logistics and cargo transportation services. They aimed to raise Rs 12.65 crore through their IPO, which attracted a subscription of 1.01 times. This means that there were more bids than shares available, with 9.47 lakh shares applied for against an offer of 9.37 lakh shares. The IPO managed to close successfully, thanks to retail investors supporting it on the last day of bidding. The funds raised will mostly go towards the company's long-term working capital needs, with some money set aside for general expenses.