ARSS Infra lists at 44 percent premium to issue price
MUMBAI (Reuters) - Construction firm ARSS Infrastructure Projects Ltd on Wednesday listed at 650 rupees on the BSE, 44.4 percent higher than its issue price of 450 rupees a share.
The shares touched a high of 711 rupees in early trades.
The firm is raising 1.03 billion rupees through the IPO which closed on Feb 11. The proceeds would be used for working capital, both for the company's existing and new projects.
The firm plans to use 50 million rupees from the proceeds for investments in forming joint ventures.
IDBI Capital Market Services Ltd and SBI Capital Market Ltd are book running lead managers to the issue.
ARSS Infrastructure is into construction of roads, highways, bridges, irrigation projects and engineering, and also undertake engineering, procurement and construction activities for railways.
At 9:01 a.m., its shares were trading at 678 rupees on the BSE, up over 50 percent.
(Reporting by Aniruddha Basu; Editing by Prem Udayabhanu)
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