On Monday shares of energy efficiency solution company Rishabh Instruments Ltd. listed with a premium of more than 4 per cent against the issue price of Rs 441.
On BSE the stock started the trade at Rs 460, up 4.30 per cent from the issue price. It further climbed 6.49 per cent to Rs 469.65.
At the NSE, it listed at Rs 460.05, registering a gain of 4.31 per cent.
The company has a market valuation of Rs 1,721.55 crore.
Following the heavy demand from institutional buyers, the IPO of Rishabh Instruments was subscribed 31.65 times.
For the IPO the company had a fixed price band at Rs 418-441 per share.
The IPO had a both fresh issue of equity shares aggregating up to Rs 75 crore and an OFS of up to 94.3 lakh equity shares.
The Nashik-based company specializes in electrical automation, metering, and measurement equipment with precise engineering and a range of industrial applications, including the power and automotive sectors.
