Infrastructure developer Man Infraconstruction settled at Rs 348.25 on BSE, at a premium of 38.2% over the initial public offer price of Rs 252.
The stock debuted at Rs 335, a 32.9% premium over the initial public offer (IPO) price. On BSE, 1.65 crore shares were traded on the counter. The stock hit a high of Rs 374.90 and a low of Rs 335.
The current stock price of Rs 348.25, discounts the company's year ended March 2009 EPS of Rs 15, by a PE multiple of 23.21.
Man Infraconstruction had entered into the capital market with a public issue last month which was priced at the top end of the Rs 243 to Rs 252 a piece price band. The IPO closed on 22 February 2010, with an oversubscription of of 62.53 times. The IPO received total bids for 29.09 crore equity shares compared with 46.53 lakh equity shares offered by the company.
Just before the opening of the IPO on 18 February 2010, the company received commitments of Rs 24.50 crore from anchor investors, who subscribed for 9.72 lakh equity shares at Rs 252 per equity share, at higher end of the price band of Rs 243-252.
The anchor investors included Nomura Asset Management Singapore, Reliance Mutual Fund, Legg Mason Asian Enterprise Trust, Monsoon India Inflection Fund, Axis Mutual Fund and India Diversified (Mauritius).
Man Infraconstructions reported a net profit of Rs 74.53 crore on sales of Rs 222.14 crore in the year ended March 2009
Man Infraconstruction provides construction services for port infrastructure, residential, industrial, commercial and road infrastructure projects.