Salasar Techno Engineering has made a stellar debut by listing at Rs 259, a 140% premium against its initial public offer (IPO) price of Rs 108 on BSE (Bombay Stock Exchange).
At 11:03 am; the stock was trading at Rs 271, after hitting high of Rs 272 on BSE. It touched a low of Rs 250 in intra-day trade so far. Around 938,000 equity shares changed hands on the counter, the BSE data shows.
Salasar Techno Engineering’s Rs 36 crore IPO had received a robust response from the investors with the issue getting subscribed 270 times with a demand worth Rs 9,793 crore. The company issued 3.32 million shares at fixed price of Rs 108 per share. The portion reserved for non-retail individual investors subscribed by 484 times, while retail portion was subscribed by 58 times.
Salasar Techno Engineering proposed to utilize the funds to meet the working capital requirements of the Company including margin money.
The company is a provider of customised steel fabrication and infrastructure solutions in India for telecommunication towers, transmission towers & substation structures and solar module mounting structures.