IRB Infrastructure closes at 3% premium on listing day
The Shares of IRB Infrastructure Developers Ltd managed to get
listed today at Rs.194.90 on the NSE at a premium of Rs. 9.90 or 4.86
per cent to the issue price of Rs. 185. The stock touched a high/low of
Rs 200 and Rs 168 during the day.
While on the Bombay Stock Exchange, the stock opened at Rs 170.05, and touched a high/low of Rs 209 and Rs 167.30, respectively.
IRB is primarily involved in road construction projects and operates toll road projects on a build-operate-transfer basis.
The company had entered the capital market on January 31, 2008 with
a public issue of 5.1 crore equity shares of Rs 10 each through 100%
book building process and in a price band of Rs 185 to Rs 220. The
issue was over-subscribed by four times.
The company raised Rs 944 crore through its initial public offer
(IPO) and it proposes to invest in its subsidiary, IDAA, and make
prepayment and repayment of existing loans and the subsidiaries through
the net proceeds.
Deutsche Equities India was the book running lead manager (BRLM) while Kotak Mahindra Capital Co was Co-BRLM for the issue.
The stock has closed the day at Rs 189.65, up 2.51% or Rs 4.65, with a total volume of 2,25,21,617 shares.