EMS shares closed with nearly 33 percent gains on the listing day, despite bears continuing their attack on Dalal Street for the second consecutive session. The Nifty50 lost 480 points from its record high.
The stock opened higher with 33.43 percent gains on the BSE at Rs 281.55, which was slightly below the expectations of around 40 percent but still far better than the market conditions.
The stock touched an intraday low of Rs 268.60 in the pre-opening session, but in the normal session (starts at 10 am), it remained above Rs 270 levels till the closing. Its intraday high was Rs 290.85.
Finally, the stock settled at Rs 279.75, up 32.58 percent with volume of 18.2 lakh shares on the BSE.
The water and wastewater management company with a strong focus on government projects has mobilised Rs 321.24 crore via initial public offering. The price band for the offer was Rs 200-211 per share.
Also read: Updater Services IPO price band set at Rs 280-300 a share
The company has a proven track record of successful project execution and a strong order book. Since incorporation, it has completed 67 projects. Apart from this, currently it is handling 18 projects & 5 O&M (operation maintenance) projects together 23 projects.
Its order book for ongoing projects stood at Rs 1,744.92 crore unbilled amount as of July 2023.
EMS also has a healthy financial position, with consolidated profit rising by 37.7 percent on-year to Rs 108.7 crore for the financial year ended March FY23, and revenue growing 49.5 percent to Rs 538.2 crore compared to previous year.
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