Shares of energy efficiency solution company Rishabh Instruments Ltd on Monday listed with a premium of over 4 per cent against the issue price of Rs 441.
The stock began the trade at Rs 460, up 4.30 per cent from the issue price on the BSE. It further jumped 6.49 per cent to Rs 469.65.
At the NSE, it listed at Rs 460.05, registering a gain of 4.31 per cent.
The company commanded a market valuation of Rs 1,721.55 crore.
The Initial Public Offering (IPO) of Rishabh Instruments was subscribed 31.65 times driven by heavy demand from institutional buyers.
The company had fixed the price band for the IPO at Rs 418-441 per share.
The IPO had a fresh issue of equity shares aggregating up to Rs 75 crore and an Offer For Sale (OFS) of up to 94.3 lakh equity shares.
The Nashik-based firm is focused on electrical automation, metering and measurement, precision-engineered products with diverse applications across industries, including power and automotive sectors.