Shares of Shivalic Power Control Ltd. got listed on the NSE Emerge on Monday at Rs 311 apiece, a premium of 211% to its issue price of Rs 100.
At 1:36 p.m., the stock was locked in an upper circuit of 5% at Rs 326.55, compared to a 0.53% advance in the benchmark Nifty.
The public issue, which was a fresh issue of 64.3 lakh equity shares, opened on June 24 and closed June 26. It was subscribed 257.24 times, led by non-institutional buyers subscribing 436.37 times on the last day of bidding.
The company intends to use Rs 30.02 crore of the proceeds to meet the working-capital requirements of the company and capital expenditure, which includes Rs 5.81 crore for procurement of new machineries and Rs 1.82 crore for construction of new assembly line. It will also use Rs 5.75 crore of the proceeds to meet the inorganic growth and an undisclosed amount for general corporate expenses.
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