Man Infraconstruction surges 45% on debut, crosses Rs 350

Man Infra BSE | NSE 10/02/12 Are Mutual Funds betting on Man Infra?

Man Infraconstruction has seen a terrific listing and crossed analysts' expectations. It started trade at Rs 335 on the BSE and touched a day's high of Rs 374.90. At 9:11 hours IST, the share was trading at Rs 365.50, a premium of 45% over its issue price of Rs 252 per share.

The management in an interview with CNBC-TV18 said current order book stood at Rs 2,000 crore. The company expects further orders of Rs 2,000 crore over 2 months and expects to sustain margins at current levels.

On the NSE, Man Infra was trading at Rs 365.80, up 45.16%, after seeing a high of Rs 375 and a low of Rs 318. It has seen a turnover of Rs 108 crore.

The 56,25,150 equity shares initial public offering IPO, which opened during February 18-22, was subscribed 60.44 times. The company has raised Rs 141.75 crore from this issue, which would be used for purchase of capital equipment. The price band was at Rs 243-252.

Man Infra provides construction services for port infrastructure, residential, industrial, commercial and road infrastructure projects. As on December 31, 2009, the company's order book, on a consolidated basis, stood at Rs 20,209.25 million spread across the construction sectors.