HPL Electric & Power Ltd. debuted on the National Stock Exchange at Rs 189 per share, a 6.4 percent discount to its issue price of Rs 202.
The electric equipment maker's Rs 361-crore initial public offer was subscribed nearly eight times. The portion reserved for qualified institutional bidders was subscribed 5.77 times while the non-institutional portion saw demand for 22.2 times the shares on offer, according to data available on the National Stock Exchange. Demand in the retail segment was subdued in comparison at 2.4 times.
The company plans to use the proceeds of the issue primarily for debt reduction. The balance will be spent on margin money for working capital.
By 1:30 pm, the stock was trading lower by 1.4 percent.
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