Shares of Prostarm Info Systems Ltd ended positive after strong debut on Tuesday. After listing at ₹125, 19 per cent premium against the issue price of ₹105 on the BSE, the stock closed 1 per cent positive at ₹126.25 after hitting an intraday high of ₹130.
On the NSE, it debuted at 14.28 per cent premium on the NSE at ₹120 and closed at its upper circuit of ₹126.
Gaurav Garg, Lemonn Markets Desk, said, “Prostarm Info Systems made a robust debut on the stock market. The company’s strong listing performance reflects investor confidence in its integrated power solutions offerings and growth prospects across sectors like defence, aerospace, power, railways and BFSI.”
Analysts suggest that Prostarm’s diversified product portfolio and established customer relationships position it well for long-term success.
The ₹168-crore initial share sale of the company was booked 97.20 times on the closing day of bidding with strong participation from institutional investors.
The IPO had a price band of ₹95-105 per share.
The company intended to utilise ₹72.50 crore of the IPO proceeds towards funding capital requirements of the company, ₹17.95 crore for payment of debt, and the remaining capital for inorganic growth through unidentified acquisitions and other strategic initiatives, as well as for general corporate purposes.