Porwal Auto Components debuts at 6% premium on BSE
The shares of Porwal Auto Components managed to get listed today at Rs. 79.85 on the BSE. The shares attracted a marginal premium of 6.46% or Rs. 4.85 compared to its issue price of Rs 75.
The company had come out with an initial public offer of 50 lakh shares of Rs 10 each. The issue subscribed just 1.03 times due to lack of interest from investors. The price band of the Rs 10 face value share was Rs 68-75 per share. The company raised more than Rs 34 crore.
Incorporated in 1992, Porwal Auto manufactures around 12 different categories of castings such as SG Iron & Grey Iron Hubs, Different carriers and cases, bracketory components, Transmission cases, T G cases, Housings & cover components, Brake Drums, Links components, Pulleys, Pump parts, Exhaust manifolds and Bends.
The company planned to use the proceeds to increase capacity of SG and CI castings from existing 6,600 metric tonne per annum to 27,600 metric tpa and set up a wind mill with power generation capacity of 1.5 MW for captive consumption.
At 10:50 AM, the share was trading at Rs 89.40 on BSE, up Rs 14.40 or 19 % compared with issue price of Rs. 75. About 5,338,155 shares exchanged hands on the counter. It touched intraday high of Rs 120 and low of Rs 76.