Shares of Sadbhav Infrastructure Projects made a positive debut on the stock markets, closing more than 3% higher.
On the listing day, shares of the Ahmedabad-based infrastructure company closed at Rs 106.2 on NSE, up 3.1% from the issue price of Rs 103 per share.
Sadbhav’s shares opened at Rs 110 and touched the high of Rs 112.45 in the first couple of hours of trading. More than 1.6 crore shares of the company changed hands on the BSE and the NSE.
The company at present commands a market valuation of Rs 3,738.87 crore.
Sadbhav Infrastructure had raised Rs 425 crore through the IPO in the first week of September by issuing 2.858 crore shares to the investors. The issue was subscribed nearly 2.2 times despite volatile market conditions.
The company’s shares in grey market quoted R5-15 premium per share on the final day of the IPO. Grey market is a pseudo over the counter market where IPO shares are bought and sold before officially listing on a stock exchange.
The company had raised R210 crore by issuing a little more than 2 crore shares to anchor investors, including Nomura, Morgan Stanley, HDFC Mutual Fund, Tata Mutual Fund,Amansa and Tata AIA Life.
Sadbhav Infrastructure was incorporated in 2007 as a developer and operator for highways, road and related projects on a BOT basis. It owns 10 road BOT projects, six of which are operational & one partially operational while three are expected to be operational starting October 2015 to June 2016.