Power Mech Projects, a power infrastructure services company, made a poor debut on the stock markets on Wednesday. The company's shares settled at a discount of 8.55% to Rs 585.3 against issue price of Rs 640.

Shares of the company witnessed a high of Rs 663 and a low of Rs 580 after opening at Rs 600 that is a discount of 6.25% to issue price. A total of 3.97 million shares exchanged hands at the NSE.

The company's listing bourses was lackluster despite overwhelming response to its initial public offering (IPO). The issue was subscribed 38.06 times. Current weak sentiments in the market weighed on the company''s listing today.

The company will use the IPO proceeds for funding working capital requirements, general corporate purposes, renovation and modernization, scheduled shutdowns, retro fits as well as overhauling, maintenance and upgradation services for power plants.