PDP Shipping shares dropped 20% on debut listing

PDP Shipping & Projects began trading on March 18 with disappointing results. The shares were listed at ₹108.25, which is a 20% drop from the company's issue price of ₹135. This decline immediately hit the lower price limit on the exchange. The IPO for PDP Shipping & Projects attracted 1.01 times the bids, indicating moderate interest. Retail investors showed more enthusiasm, subscribing 1.88 times for their portion. However, non-institutional buyers were much less committed, only subscribing 0.14 times. The IPO was open for subscription from March 10 to March 12 and aimed to raise ₹12.65 crore by issuing 9.37 lakh shares at a fixed price of ₹135 each. Retail investors needed to invest a minimum of ₹1,35,000 to buy one lot of 1,000 shares. High-net-worth individuals were required to invest a minimum of ₹2,70,000 for two lots. More updates on the situation are expected soon.