Shares of Sadbhav Infrastructure Project hit a high note on their debut today, ending with over 3 per cent gains against the issue price of Rs 103.
After listing at Rs 110.75, up 7.52 per cent over its issue price, the stock finally settled at Rs 106.15 on BSE, a gain of 3 per cent.
On NSE, the shares closed 3.1 per cent up at Rs 106.20.
In terms of volume, 35.62 lakh shares of the company changed hands at BSE and over one crore shares were traded at NSE during the day.
The company at present commands a market valuation of Rs 3,738.87 crore.
The Rs 425-crore initial share sale of Sadbhav Infrastructure Project was subscribed 2.24 times earlier this month.
The bidding for the IPO began on August 31 and ended on September 2. The price band was fixed at Rs 100-103 per share.
The funds raised through the issue will be utilised for repayment of loans, equity investment and advancing of subordinate debt to its subsidiary Shreenathji Udaipur Tollway Pvt (SUTPL) and part-financing of the SUTPL project.
The BSE Sensex ended the day at 25,963.97, up 258.04 points.
