Laser Power & Infra Shares End Nearly 23 PC Higher in Market Debut Trade

New Delhi: Shares of integrated power cables and transmission products manufacturer Laser Power & Infra Ltd on Thursday ended with a premium of nearly 23 per cent against the issue price of Rs 214.

The stock started trading at Rs 269, up 25.70 per cent from the issue price on the BSE. During the day, it jumped 26 per cent to Rs 269.80. Shares of the firm ended at Rs 262.85, a premium of 22.83 per cent.

At the NSE, the stock listed with a premium of 16.82 per cent at Rs 250. It ended at Rs 262.42, up 22.62 per cent.

The company’s market valuation stood at Rs 3,689.58 crore.

In traded volume terms, 67.51 lakh shares of the firm were traded at the BSE and 386.55 lakh shares on the NSE during the day.

The initial public offering (IPO) of Laser Power & Infra Ltd received 38.94 times subscription on the closing day of bidding on Monday.

The Rs 742-crore IPO had a price band of Rs 203-214 per share.

The public offer had a fresh issue of equity shares worth Rs 542 crore and an offer-for-sale (OFS) of Rs 200 crore by promoters.

Proceeds from the fresh issue will primarily be used to prepay or repay borrowings worth Rs 490 crore, while the balance amount will be utilised for general corporate purposes.

Laser Power & Infra operates in the manufacturing and engineering, procurement and construction (EPC) segments. It manufactures power cables, conductors, aluminium wire rods, aerial bunched cables and other products used in the power transmission and distribution sector.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)