Chennai-based Indowind Energy Ltd on Friday got listed at Rs 80.25 on Bombay Stock Exchange, a 23.46 per cent premium over the issue price of Rs 65.
The scrip witnessed good buying interest as over 11.65 lakh shares exchanged hands on BSE within minutes of listing.
On the National Stock Exchange, the scrip got listed at Rs 75, touched a high of Rs 80 and as many as 13.88 lakh shares were traded.
The shares of the company, however, parted with some gains and were trading at Rs 66.20 on BSE and at Rs 68 on NSE.
Indowind Energy got listed with over 4.77 crore equity shares at an issue price of Rs 65 each.
The company sells ready-to-buy wind farm projects to corporates and green power to private and public entities.
The IPO proceeds would be utilised for business expansion, including setting up of a 9 MW wind project at Chitradurga in Karnataka at a cost of Rs 49.5 crore. The company has already acquired 125.23 acres land for the project.
Indowind’s clients include Karnataka Breweries and Distilleries Ltd, Hindustan Coca Cola Beverages, United Breweries and Delphi Automotive Systems.
The company had posted a total income of Rs 27.75 crore and profit after tax of Rs 6.5 crore for the year ended June 30, 2007.