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HG Infra Engineering today made a muted debut on the bourses, with its shares listing at Rs 270 -- the same as the issue price.
Within minutes of listing, the company shares touched an intra-day high of Rs 274.70 before touching a low of Rs 263.60 on the BSE. On the NSE, the stock opened at Rs 270 and then touched an early high of Rs 274.70 and a low of Rs 265.
HG Infra Engineering raised Rs 462 crore through its initial public offer (IPO). The IPO, which opened for subscription during February 26-28, was subscribed five times at a price band of Rs 263-270 per share.
The IPO comprised fresh issue of shares aggregating up to Rs 300 crore besides an offer for sale of up to 60 lakh scrips by the existing shareholders.
Proceeds of the IPO will be utilised towards purchase of capital equipment, repayment of certain indebtedness and for other general corporate purposes. SBI Capital Markets and HDFC Bank managed the company’s IPO.
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