New Delhi, Dec. 31 -- Admach Systems SME IPO listing: Shares of Admach Systems listed at a 20% discount to the issue price of 239 on Wednesday, 31 December. The SME stock opened at Rs.191.20, down 20% with respect to the issue price, but rebounded to hit the upper price band of Rs.200.75 as the day progressed. However, the stock's upper price band level is still 16% down with respect to the issue price.

The stock failed to meet the listing expectations of grey markets, as sources indicate that the last grey market premium (GMP) of the stock suggested it was to list at Rs.250.

Admach Systems designs and builds machines for the Indian and global engineering industry.

As per the Red Herring Prospectus (RHP) of the IPO, Admach Systems offe...