Admach Systems Debuts Weakly, Shares Plunge 20% Below IPO Price

• Admach Systems shares listed at Rs 191.20 on BSE SME, a 20% discount to its IPO price of Rs 239.
• The company's market capitalization at debut was Rs 129.50 crore.
• Listing missed grey market premium estimates, which predicted a 4.6-5% premium.
• The IPO raised Rs 42.60 crore through a fresh issue of 18 lakh shares at Rs 227-239 per share.
• Proceeds will fund capex (Rs 16.47 cr), working capital (Rs 15.50 cr), and general corporate purposes.

Why It Matters: Admach Systems faced a disappointing market debut, listing 20% below its IPO price.