Lukewarm response to GMR on listing day

GMR Infrastructure closed on a flat note in its debut trade on the Bombay Stock Exchange on Friday after listing at a premium of 2.38 per cent to its issue price of Rs 210 per share.

GMR Infrastructure closed on a flat note in its debut trade on the Bombay Stock Exchange on Friday after listing at a premium of 2.38 per cent to its issue price of Rs 210 per share. Shares of the Hyderabad-based infrastructure major closed at Rs 210.30, after listing at a price of 215 per share and surging to an intraday high of Rs 219.80 early in the opening trade.

The stock hit an intraday low of Rs 205.10 earlier in the trading session. The stock listed at a price of Rs 216 per share on the National Stock Exchange, attracting a premium of 2.85 per cent to the issue price. The shares closed at Rs 210.55 on the NSE.

The IPO of the company had been subscribed 6.68 times, primarily driven by the demand from institutional investors. The company plans to deploy the IPO proceeds for investment in various SPVs and for repayment of unsecured loans. A part of the proceeds would go for the power trading, transmission and distribution businesses, which the company plans to enter. While the remaining would be used for the ongoing roadprojects.

The GMR Group develops various infrastructure projects in power, road and airport sectors through GMR infrastructure. For FY 2006, 85 per cent of GMR’s revenue came from the power generation business. In January, a consortium led by GMR was awarded a longterm agreement to operate, manage and develop the Delhi airport after a competitive bidding.

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