Shares of HPL Electric & Power settled at Rs 189.05 on BSE on its debut, a discount of 6.41% compared with the initial public offer price of Rs 202.
The stock debuted at Rs 190.05, a discount of 5.92% to the initial public offer (IPO) price. The stock hit a high of Rs 198 and low of Rs 184.30 in intraday trade. On BSE, 33.81 lakh shares were traded in the counter.
The IPO of HPL Electric & Power ended on 26 September 2016. The IPO was subscribed 8.06 times. The price band for the IPO was fixed at Rs 175 to Rs 202 per share.
The company manufactures electrical appliances, switch-gears, electronic energy meters and electrical protection equipment. The company had the largest market share with 20% in the market for electricity energy meters in India. The company currently manufactures and sells its products under the umbrella brand 'HPL', which has been registered in India since 1975.
On a consolidated basis, HPL Electric & Power reported net profit of Rs 36.62 crore on net sales of Rs 1116.38 crore in the year ended March 2016.
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