Shares of generator manufacturing company TD Power Systems got listed at Rs 251.60 apiece on the Bombay Stock Exchange (BSE) today, a discount of 1.72 per cent vis-a-vis their IPO issue price of Rs 256.
The stock opened on a weak note, but soon regained the lost ground and jumped 12.69 per cent to touch an early high of Rs 288.50 on the Bombay Stock Exchange.
The scrip was later trading at Rs 286, up 11.72 per cent against its issue price. Over 22.83 lakh shares of the company exchanged hands on BSE by 10.15 a.m.
The company raised Rs 227 crore through its IPO, which was over-subscribed nearly three times.
The company proposes to utilise the proceeds of the issue mainly to finance the expansion of its existing manufacturing plant at Dabaspet, Bangalore, and for the construction of a project office in Bangalore.
The net proceeds of the issue will also be utilised for repayment of debt, to fund working capital requirements and for other general corporate purposes.
The company’s clientele comprises companies operating in the cement, steel, paper, chemical, metals, sugar co-generation, bio-mass power plants and hydro-electric power sectors.