Popular Foundations Crashes 5% Below ₹37 IPO Price on Debut!Popular Foundations Crashes 5% Below ₹37 IPO Price on Debut!

Popular Foundations shares had a weak stock market debut on September 24, hitting a lower circuit at Rs 35.15, down 5% from the IPO price of Rs 37 on the BSE SME platform, underperforming grey market expectations of flat trading.

The ₹19.87-crore IPO, a fresh issue of 53.7 lakh shares, saw limited response despite strong SME IPO demand. It was subscribed over 9 times, with retail investors leading at 15 times, while non-institutional investors subscribed 3.5 times. QIBs abstained.

Popular Foundations Limited, with 25+ years of expertise in civil construction, specializes in non-residential projects, delivering end-to-end solutions for factories, educational institutions, and commercial sites. Known for quality work across Tamil Nadu, the company secures projects through tenders, excelling in institutional and hospitality sectors with strong client retention.

The objective of the Popular Foundations IPO is to raise ₹19.87 crore through a fresh issue of 53.7 lakh shares, primarily to fund the company’s growth plans, meet working capital requirements, and support general corporate purposes.