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Jan 30, 2018 04:55 PM IST | Source: Moneycontrol.com

Amber Enterprises ends with 44% premium at Rs 1,237 on Day 1

Amber Enterprises added gains of 44.03 percent or Rs 378.25, and rose 4.85 percent compared to pre-opening price of Rs 1,180.

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Air conditioner manufacturer Amber Enterprises India's shares rallied 44 percent on debut Tuesday despite weak market conditions.

The stock closed at Rs 1,237 per share on the BSE, against issue price of Rs 859.

It added gains of 44.03 percent or Rs 378.25, and rose 4.85 percent compared to pre-opening price of Rs 1,180.

On the National Stock Exchange, share price settled at Rs 1,245.25, up 45 percent over issue price and gained 6 percent compared to pre-opening price of Rs 1,175.

Amber had a very successful initial public offering (IPO), registering a subscription of 165 times during January 17-19, 2018.

The company raised Rs 600 crore through the issue, which would be used for repayment of certain loans and other general corporate purposes.

With issue proceeds, the company will be almost debt free after repaying the debt with exception of small working capital limits, Jasbir Singh, Chairman & CEO said in an interview to CNBC-TV18.

He is confident of sustaining margins at around 9 percent. He is also confident of outperforming industry growth of 11 percent.

In the first half industry grew by around 12-12.5 percent and company grew by 27 percent, said Singh.
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