Pace Digitek: IPO Launch and Market Performance Snapshot

Pace Digitek Ltd's IPO saw a 1.59 times subscription, with shares opening higher than the issue price but closing slightly lower. The proceeds will be used for capital expenditure and corporate purposes. Pace Digitek, a Bengaluru-based company, specializes in telecom infrastructure solutions.

On Monday, shares of telecom infrastructure solutions provider Pace Digitek Ltd took a slight dip, closing marginally lower than its issue price of Rs 219. The stock's trading journey on the BSE began at Rs 226.85, surpassing the issue price by 3.58 percent, and fluctuated to a high of Rs 231 and a low of Rs 206.90, eventually closing at Rs 217.50, a decrease of 0.68 percent.

Similarly, on the NSE, the stock debut was at Rs 225, marking a 2.73 percent premium, but it settled at Rs 217.99, a 0.46 percent discount. The company, with a market valuation of Rs 4,694.77 crore, witnessed its IPO's subscription reach 1.59 times by the final bidding day last week.

The issue comprised a complete fresh share issue worth Rs 819.15 crore, with a price band set between Rs 208-219 per share. The Bengaluru-based firm's IPO proceeds aim to support capital expenditure requirements and general corporate purposes. Established in 2007, Pace Digitek offers multidisciplinary solutions in the telecom passive infrastructure industry, including telecom tower infrastructure and optical fibre cables.

(With inputs from agencies.)