IL&FS Transportation Networks makes a modest debut

IL&FS Transportation Networks (ITNL) listed at a premium of 11% at Rs 287 on the Bombay Stock Exchange (BSE) as against its issue price of Rs 258 a share. The stock is currently trading 9% higher at Rs 280, with around 3.87 million shares having changed hands on the counter, on the BSE.

And on the NSE, IL&FS Transportation Networks (ITNL) opened at a premium of over 3% at Rs 267 against the issue price of Rs 258 a share.

ITNL raised Rs 700 crore from the capital market and will use the net proceeds to repay and pre-pay some part of its debt.

The IPO was subscribed by 33.42 times. The qualified institutional buyers portion was subscribed 52.60 times, non institutional investors by 39.39 times, and retail individual investors by 4.56 times

ITNL is one of the leading private sector BOT road operators in India. The company is engaged in the development, operation and maintenance of national and state highways, roads, flyovers and bridges in various parts of India.