Shares of Indian Energy Exchange were trading at Rs 1627.80 at 10:29 IST on BSE, a discount of 1.35% over the initial public offer price of Rs 1,650.
The stock debuted at Rs 1500, a discount of 9.09% to the initial public offer (IPO) price. So far the stock hit a high of Rs 1,649 and low of Rs 1,500. On BSE, so far 2.85 lakh shares were traded on the counter.
Indian Energy Exchange had priced the IPO at the top end the Rs 1,645 to Rs 1,650 price band. The IPO opened for subscription on 9 October 2017 and it closed on 11 October 2017. The IPO received bids for 1.20 crore shares and it was subscribed 2.28 times.
Category wise, the qualified institutional buyers (QIBs) category was subscribed 2.56 times. The non institutional investors (NIIs) category was subscribed 0.85 times. The retail individual investors (RIIs) category was subscribed 2.61 times.
Ahead of the opening of the IPO, the IPO committee of the board of directors of the company at its meeting held on 6 October 2017, finalized allocation of 18.19 lakh equity shares to 23 anchor investors at Rs 1,650 per share.
The company's net profit rose 13.19% to Rs 113.57 crore on 18.63% rise in total income to Rs 237.42 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.
Indian Energy Exchange is a professionally managed company and is the largest exchange for trading of range of electricity contracts in India in terms of traded contract volumes in FY 17, according to Central Electricity Regulatory Commission (CERC).
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