Prostarm Info Systems Ltd made a strong debut on the National Stock Exchange (NSE) on Tuesday, with its shares listing at a premium of over 14%. The stock opened at ₹120 per share, up from the issue price of ₹105. It then gained another 2.5% to reach ₹123.
On the Bombay Stock Exchange (BSE), the shares opened even higher at ₹125, a 19% premium. The company’s initial public offering (IPO) raised ₹168 crore by issuing 1.60 crore fresh equity shares at a price range of ₹95 to ₹105 each. There was no offer for sale.
Investors who got shares in the IPO saw good returns.
Prostarm shares soar on NSE debut
For each lot of 142 shares bought at ₹14,910, the listing price valued the holding at ₹17,040.
Prostarm plans to use the IPO proceeds for working capital, debt repayment, growth initiatives, and general corporate purposes. The IPO was heavily oversubscribed by 97.2 times. Non-institutional investors bid for 222.14 times the shares reserved for them.
Qualified institutional buyers and retail investors subscribed 104.49 times and 39.49 times their portions, respectively. Prostarm Info Systems Ltd designs, makes, and sells energy storage systems and power conditioning equipment. Its products include inverters, UPS systems, voltage stabilizers, and lithium-ion battery packs.
