BGR Energy Debuts At 75% Premium On NSE
The shares of BGR Energy Systems got listed today (3 Jan) at Rs. 840 on the NSE, at 75% premium up from its issue price of Rs. 480.
Chennai-based, BGR Energy is a supplier of systems and equipment for the power, oil & gas, refinery, petrochemical and process industries.
The company had come out with an IPO of almost 91.36 lakh shares of Rs 10 each in the price range of Rs. 425-480 per share. The issue was subscribed 119.54 times, according to NSE website.
The funds raised would be used to augment long term working capital requirements, expand production capacity by establishing additional manufacturing facilities in India, China and the Middle East.
Presently, the company is engaged in turnkey EPC contracts for either BOP or entire power plants and industrial products, that is supply of systems and equipment such as heat exchangers, pressure vessels, condensers, high frequency resistance welded finned tubes, deaerators, and pipeline equipment used in the power, oil and gas, refinery, petrochemicals, and process industries. The company has projects worth Rs 3,330 crore on its order book and expects to complete about 90% of these contracts by March 2009.
At 11:05 AM, the share was trading at Rs 894 on NSE, up 86%. About 42,36,304 shares exchanged hands on the counter. It touched intraday high of Rs. 919 and low of Rs. 840.