Bumper listing for GR Infra at 2x the issue price, Clean Science up 76%

GR Infra's listing day gains were best this year after Indigo Paints, while the surge in Clean Science is now the fourth best, behind MTAR Tech

GR Infraprojects and Clean Science and Technology clocked stellar gains during their stock market debut on Monday.

GR Infra, a road construction company, saw its shares end at Rs 1,747, up 2.1 times over its issue price of Rs 837. While that of Clean Science, specialty chemical manufacturer, rose 76 per cent to end at Rs 1585.2 as compared to its IPO price of Rs 900.

GR Infra’s listing day gains were best this year after Indigo Paints, while the surge in Clean Science is now the fourth best after the aforementioned two companies and MTAR Technologies.

The listing day surge comes a week before the listing of India’s first unicorn company Zomato.

IPOs of GR Infra and Clean Science had attracted bids worth Rs 1.73 trillion. GR Infra’s IPO was subscribed 103 times, while Clean Science’s had garnered 95 times subscription.

Out of the 25 IPOs this year, 19 companies now have delivered gains on their listing day. Of the remaining six, shares of three companies have recovered and currently trade above their Issue price and the other three trade just marginally below their issue price.

The IPOs of both GR Infra and Clean Science were secondary share sale by promoters. After the strong debut, GR Infra has a market cap of Rs 16,900 crore, while Clean Science is valued at Rs 16,838 crore.