Max Alert Systems has listed at Rs 51.50, 158% higher against its initial public offer (IPO) price of Rs 20 per share on the Bombay Stock Exchange (BSE). The stock is currently trading at Rs 49.25 and has seen 18,000 equity shares changing hands on the counter since its listing.
Max Alert Systems, a Mumbai based project company with focus in areas as diverse as mining, fire fighting systems and telecommunications, had launched its Rs 8-crore IPO during June 28-July 2, 2012. The company had a fixed price issue of Rs 20 a share.
The company will use the issue proceeds for setting up of crushing plant, with an outlay of Rs 9.2 crore.
