Laser Power & Infra Limited listed at premium in its stock market debut on Thursday. The stock opened at Rs 250 on the National Stock Exchange (NSE) Rs 269 on the Bombay Stock Exchange (BSE), compared to the issue price of Rs 214. The IPO listed at 16.8% premium on the NSE and 25.70% on the BSE.
The initial public offer of integrated power cables and transmission products manufacturer Laser Power & Infra Ltd received 38.94 times subscription on the closing day of bidding. The Rs 742-crore IPO received bids for 99,63,24,700 shares against 2,55,86,207 shares on offer, as per NSE data.
The category for Qualified Institutional Buyers (QIBs) fetched 92.25 times subscription, while the quota for non-institutional investors got subscribed 43.34 times. The portion for retail investors received 6.59 times subscription.
Laser Power & Infra Ltd had earlier raised around Rs 223 crore from anchor investors. The public offer comprised a fresh issue of equity shares worth Rs 542 crore and an Offer-for-Sale (OFS) of Rs 200 crore by promoters.
ALSO READ: SBI Funds Management IPO Live GMP Indicates 16%+ Listing Gains On Final Day Of Subscription
The price band for the IPO was Rs 203-214 per share. At the upper end of the price band, the Kolkata-headquartered company is valued at around Rs 3,000 crore.
The proceeds from the fresh issue will primarily be used to prepay or repay borrowings worth Rs 490 crore, while the balance amount will be utilised for general corporate purposes.
Laser Power & Infra operates in the manufacturing and engineering, procurement and construction (EPC) segments. It manufactures power cables, conductors, aluminium wire rods, aerial bunched cables and other products used in the power transmission and distribution sector.
ALSO READ: Kusumgar Lists At 37% Premium On Stock Market Debut
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.