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Shares of Amber Enterprises zoomed on market debut after $94 million IPO. The stock rallied as much as 37 per cent to Rs 1,175 on its trading debut vs IPO price of Rs 859.
The company's Rs 600-crore ($94.2 million) IPO was subscribed more than 165 times.
Amber is a market leader among room air-conditioner outsourced manufacturers with a market share of more than 55 per cent and it serves clients, including LG, Daikin, Hitachi and Whirlpool, according to a pre-IPO note from Angel Broking.
Amber's was the third listing of 2018 in the Indian markets after a record IPO fundraising of $11 billion last year.
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