NEW DELHI, Feb 24: Shares of Quality Power Electrical on Monday ended with a discount of nearly 9 per cent against the issue price of Rs 425.
The stock made its market debut at Rs 432.05, registering a marginal gain of 1.65 per cent from the issue price on the BSE. During the day, it dropped 10.10 per cent to Rs 382.05. Shares of the firm finally ended at Rs 387.05, a discount of 8.92 per cent.
At the NSE, shares of the firm listed at Rs 430, a premium of 1.17 per cent. The stock later ended at Rs 387.90, down 8.72 per cent.
The company’s market valuation stood at Rs 2,997.47 crore.
In traded volume terms, 4.79 lakh shares of the firm were traded at the BSE and over 1 crore shares on the NSE during the day.
The 30-share BSE benchmark Sensex tanked 856.65 points or 1.14 per cent to settle at 74,454.41. The NSE Nifty dropped 242.55 points or 1.06 per cent to 22,553.35.
The Initial Public Offering (IPO) of Quality Power Electrical Equipments Ltd got subscribed 1.29 times on the last day of bidding on Tuesday.
The initial share sale had a price range of Rs 401-425 per share.
The IPO had a fresh issue of equity shares aggregating up to Rs 225 crore and an Offer-for-Sale (OFS) of 1.5 crore shares valued at Rs 634 crore at the upper-end of the price band. This took the total issue size to Rs 859 crore.
Proceeds from the fresh issue will be utilised for the acquisition of Mehru Electrical and Mechanical Engineers, funding capital expenditure requirements for purchasing plant and machinery.
Besides, the company will use the funds for inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes. (AGENCIES)
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