Particle.news
Download on the App Store
9 ARTICLES
·
last mo.

Prostarm Info Systems Shares Jump 19% on BSE Debut and Reach NSE Upper Circuit

Prostarm Info Systems will channel proceeds from its 97.2-times subscribed Rs168-crore IPO into capital projects, debt repayment as well as strategic acquisitions.

Prostarm Info Systems shares make strong D-Street debut; list at 19% premium
Prostarm Info Systems IPO shares to make stock market debut today; check latest GMP
Prostarm Info Systems IPO GMP Today
Prostarm Info Systems make a strong Dalal Street debut; stock list at 19% premium on NSE

Overview

  • The Rs168-crore IPO was oversubscribed 97.2 times overall, with non-institutional investors booking 222.14 times, qualified institutional buyers 104.49 times and retail investors 39.49 times.
  • Shares debuted at Rs125 on the BSE, a 19.05% premium to the Rs105 issue price, and at Rs120 on the NSE, then closed with a 20.05% gain on the BSE and hit the 20% upper circuit on the NSE.
  • Prostarm Info Systems sold 1.6 crore fresh equity shares in a price band of Rs95-105 apiece, with a minimum application lot of 142 shares.
  • The company operates three manufacturing facilities in Maharashtra and serves over 700 clients, including Larsen & Toubro, Tata Power and Bajaj Finance.
  • It will allocate Rs72.5 crore of IPO proceeds to capital expenditure, Rs17.95 crore for debt repayment and the remainder to support inorganic growth and general corporate purposes.