HG Infra Engineering Falls 6.4% Below IPO Price On Stock Market Debut
HG Infra Engineering Ltd. made its stock market debut at its issue price of Rs 270 on the Bombay Stock Exchange. Thereafter stock fluctuated between Rs 252.60 and Rs 274.70.
The Rs 462-crore initial public offer was subscribed five times on the last day of the bidding led by demand from qualified institutional buyers. The IPO consisted of a fresh issue of up to Rs 300 crore while its promoters sold 6 million shares worth Rs 162 crore. It earlier garnered Rs 138 crore from anchor investors.
Proceeds from the sale will be utilised towards purchase capital equipment, repayment of certain indebtedness and for general corporate purposes.
After stake sale by promoters and a fresh issue, public shareholding will be 26 percent.
Also Read: HG Infra IPO: Here’s All You Need To Know