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Electrosteel Steels jumps 12% on debut

Electrosteel Steels made a handsome debut,opening over 12% higher from its issue price.

Written by Agencies | Mumbai | Published: October 8, 2010 11:34:39 am

Electrosteel Steels today made a handsome debut,opening over 12% higher from its issue price of Rs 11 on the Bombay Stock Exchange.

Electrosteel Castings’ subsidiary company engaged in the business of steel,listed at Rs 12.35 on BSE,reflecting a premium of 12.27 per cent over its issue price.

However,share of Electrosteel Steels on the National Stock Exchange,opened with a marginal gain of 1.36 per cent at Rs 11.15 on its first day of trade. In terms of volume,about 14.6 crore shares exchanged hands on the bourses in the morning session.

The company had entered the capital market with the price band of Rs 10-11 per share. The initial public offer (IPO) through which the company has raised Rs 248 crore,met good response from investors and was oversubscribed by 8.23 times.

The company plans to utilise proceeds of the issue to part finance the construction of integrated steel and ductile iron spun pipe plant in Jharkhand,besides,to meet margin money towards bank guarantees and for general corporate purposes.

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