Transrail Lighting Ltd. listed on the National Stock Exchange on Friday at Rs 590 apiece, a premium of 36.57% over the issue price of Rs 432 apiece. The stock listed at Rs 585.15 per share on the BSE, marking a premium of 35.45%.
The EPC company's Rs 838.9-crore initial public offering was subscribed 80.8 times on third day, as per the data shared by the exchanges. This marked a sharp climb as compared to 5.31 times subscription recorded till day two and 2.07 times on the first day.
The IPO cumulatively received bids of Rs 48,575 crore, which is way higher as compared to the issue size of Rs 838.9 crore.
The company is active in power transmission and distribution business, will offer fresh shares, along with a promoter—Ajanma Holdings Pvt.—offloading shares through the maiden public offer.
The company has already carried out a pre-IPO placement worth Rs 50 crore to Volrado Venture Partners Fund IV Gamma, Shyamsundar B. Asawa, Saurabh Sanjay Agrawal, and Divyam Sanjay Agrawal, at a price of Rs 484 per share.
In the first quarter of the fiscal, the company clocked Rs 896.90 crore revenue from operations, while net profit stood at Rs 51.74 crore. Earnings per share for the period stood at Rs 4.17. Cash and cash equivalents on the company's books stood at Rs 88.33 crore.
Transrail Lighting IPO: Use Of Proceeds
The Mumbai-based company will garner Rs 400 crore from the fresh issue, while Rs 438.91 crore will go to the selling promoter. Net proceeds from the fresh issue, excluding the Rs 50 crore pre-IPO placement, will be used to fund incremental working capital requirements and further capital expenditure.
The company will utilise Rs 250 crore raised from the net proceeds and pre-IPO placement towards its working capital requirements, of which Rs 217.02 crore will be deployed by fiscal ending March 2025.
Another Rs 90.73 crore has been reserved for capex spends, all of which will be invested in the current financial year.
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