Orissa based company ARSS Infrastructure Projects has started the day with magnificient premium of 40% and listed at Rs 630 on the NSE as against issue price of Rs 450 per share. This premium was more than grey market premium and above the markets expectations.
It has touched a high of Rs 695 in early trade and was trading at Rs 685.50, up 52.33%. The stock has seen a turnover of Rs 102 crore and volume of 14,97,161 shares
On the BSE, the share opened at Rs 640 and hit a high of Rs 711. It was trading at Rs 686.40, at 9:11 hours IST.
The Rs 103 crore IPO, which was opened during February 8-11, had received overwhelming response from investors and subscribed 47.62 times. The price band for the issue was at Rs 410-450.
The company is engaged in the business of construction activities in India. It undertakes construction of railway infrastructure, roads, highways, bridges and irrigation projects.
The issue proceeds will be used for investment in joint ventures (at a cost of Rs 5 crore) and funding long term working capital requirement (cost of Rs 86 crore).
2010 Company Estimated Turnover 1000 crore
And Expected Profit 100 crore
Wednesday, March 3, 2010
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