PSP Projects Ltd shares were down 5 per cent on debut.

The shares opened at Rs 190, a nearly 10 per cent fall from the issue price of Rs 210 per share.

The construction company's Rs 212-crore ($32.84 million) IPO was subscribed 8.58 times, according to stock exchange data.

“Management's lack of experience in diverse geographies and lack of visibility of future order book may become a cause of concern for growth strategy,” analysts at Angel Broking wrote in a note ($1 = 64.5500 Indian rupees).