MUMBAI 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)
(For more news on Reuters Money visit www.reutersmoney.in)
India's fiscal deficit reaches 74 percent of full-year target in July
NEW DELHI India's fiscal deficit during April-July was 3.93 trillion rupees ($58.69 billion), or 73.7 percent of the budgeted target for the fiscal year ending in March 2017, government data showed on Wednesday.
Expert views: India's economic growth slows down
MUMBAI India's economy grew at a slower than-expected pace of 7.1 percent in the three months through June from 7.9 percent in the previous quarter, government data showed on Wednesday.
Wall St opens lower as oil prices drop
U.S. stocks opened slightly lower on Wednesday as oil prices dropped more than 1 percent on the back of a stronger dollar.