The shares of Current Infraprojects made a bumper stock market debut on September 3, listing at Rs 152 apiece on the NSE Emerge platform. This marks a whopping 90 percent premium over the SME IPO price of Rs 80 apiece.
The listing premium is significantly higher than grey market estimates. Ahead of listing, the unlisted shares of the company were trading with 62.5 percent grey market premium (GMP) over the IPO price at Rs 130 apiece, according to data on Investorgain.
The company's maiden public issue saw strong investor interest during its three days of public bidding, being subscribed 352.48 times between August 26 and August 29. The Rajasthan-based company specialises in engineering, procurement and construction (EPC) services, offering comprehensive solutions in solar, electrical, water and civil EPC contracts.
It had launched its IPO to raise Rs 41.8 crore by issuing 52.25 lakh shares. Out of this, Rs 11.62 crore was raised via anchor book of 14.52 lakh shares. The price band for the book-building issue was Rs 76-80 per share.
The fresh issue proceeds will be utilised mainly for setting up 1,800 KW solar plant under RESCO Model at Indian Institute of Technology (Indian School of Mines) IIT(ISM), Dhanbad, Jharkhand at a cost of Rs 5.85 crore. Further, Rs 30 crore will be used for working capital requirement, and the remainder IPO funds are set aside for general corporate purposes.
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