Admach Systems made a weak debut on the BSE SME platform on December 31, listing at Rs 191.20, a 20% discount to its IPO price of Rs 239. The stock later stabilized, trading near its listing price. The Rs 42.6 crore IPO, which opened December 23-26, was subscribed 3.95-4.13 times, with strong demand from non-institutional investors. Proceeds are earmarked for capital expenditure, working capital, and general corporate purposes.