Epack Prefab IPO lists at 9% discount on NSE and BSE

Epack Prefab IPO made a low-key entry on Dalal Street today with its shares listing at 9–10% discount from the issue price. On the NSE, the stock opened at ₹183.85 per share, 9.87% lower than the issue price of ₹204, and on the BSE, it made its debut at ₹186.10, which is an 8.73% reduction.

The subdued listing followed the IPO, having attracted lukewarm investor appetite. The company had raised ~₹504 crore from the issue, comprising a fresh issue of ~₹300 crore and an OFS of ~₹204 crore by promoters. It also pre-IPO mobilised ₹151 crore from anchor investors like Morgan Stanley, Citigroup, and WhiteOak.

Epack Prefab IPO Price & Subscription

• Price Band: ₹194 – ₹204 per share

• Issue Size: ~₹504 crore (₹300 crore fresh + ₹204 crore OFS)

• Lot Size: 73 shares (min. investment ~₹14,892)

• Subscription: Overall ~1.69×

o QIBs: ~5.1×

o NIIs: ~3.7×

o Retail: ~1.7×

• Listing Levels: NSE ₹183.85; BSE ₹186.10

• Grey Market Premium (GMP): Flat to nil before listing

Industry Context

Epack Prefab Technologies is a company in the prefabricated buildings and modular construction sector, which is picking up steam in India as the government is promoting infrastructure development, affordable housing, and smart cities. Prefab solutions reduce construction time and cost while enabling sustainability initiatives.

The Indian prefab and modular building industry is expanding at an estimated 8–10% CAGR, with increasing adoption in education, healthcare, warehousing, and residential properties. Although still tiny in comparison to conventional construction, the industry has long-term growth prospects underpinned by urbanisation and policy stimulus.

Peers such as PSP Projects, Ahluwalia Contracts, and NCC Ltd work in the wider construction/engineering space, but Epack’s prefab focus provides it with a niche differentiation. Major issues are still raw material price volatility (cement, steel), and having a strong order pipeline to sustain margins.

What This Debut Indicates / What to Watch

• The ~10% discount listing indicates investor prudence — either overpricing issues or soft demand at the higher price band.

• As QIB / institutional categories were big in numbers among existing subscribers, the lack of retail push might be adding to the listing decline.

• Relative peer performance and valuation multiples will come in for examination now — whether Epack’s fundamentals (revenue, margins, order backlog) merit investors’ pricing.

• The grey market expectation vs reality gap will be recorded — GMP was stable, so no pre-listing premium buffer.

• Day-one buying momentum, quantity, and if it recovers towards ₹194⁺ levels will be indicative.