Shares of Transrail Lighting Ltd. made a strong start to its history as a public company on Friday, December 27, when the stock debuted at a premium to its IPO price.
The stock began trading at ₹590, a premium of 36% compared to its IPO price of ₹432.
Ahead of the listing, the company’s shares were trading with a premium of ₹165 in the grey market today.
Engineering and construction company Transrail Lighting had received a strong response from the investors during the three-day bidding process.
The IPO of Transrail Lighting was open for bidding between December 19-23. The company had offered its shares in the price band of ₹410-432 per share with a lot size of 34 shares. The company garnered as much as ₹839 crore from its issue, which comprised a fresh share sale of ₹400 and an offer-for-sale (OFS) of up to 1,01,60,000 equity shares.
At present, Ajanma Holdings holds 83.22% stake in the Mumbai-based company.
The net proceeds from the issue will be utilised towards financing working capital requirements; funding capital expenditure; and general corporate purposes.
Transrail Lighting is one of the leading Indian Engineering, Procurement and Construction (EPC) companies with a primary focus on the power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles.
It has a footprint in more than 58 countries.
As of June 30, 2024, the order book stood at ₹10,213 crore. Of this, 64% comprises international orders (High margin), while the remaining 36% are domestic orders. The order book to sales ratio for FY24 is 2.5x, ensuring healthy revenue visibility over the medium term.
Inga Ventures, Axis Capital, HDFC Bank and IDBI Capital Markets & Securities were the book running lead managers to the issue, while Link Intime India Private Ltd was the registrar for the issue.
Content retrieved from: https://www.cnbctv18.com/market/transrail-lighting-share-price-ipo-listing-date-today-latest-gmp-premium-nse-bse-debut-19530384.htm.
