EMS Shares Soar 33% on Debut, Despite Bearish Dalal Street

21 Sep 2023 , 07:52 PM

Despite a challenging market environment, EMS shares concluded their listing day with an impressive gain of nearly 33%, demonstrating resilience on Dalal Street, which faced bearish pressure for the second consecutive session. The Nifty50 index had retreated by 480 points from its all-time high.

EMS shares commenced trading on the BSE with a strong 33.43% increase, opening at Rs 281.55. While this figure was slightly below the anticipated 40% gain, it still outperformed market expectations given the prevailing market conditions.

During the pre-opening session, the stock briefly dipped to an intraday low of Rs 268.60. However, once the normal trading session began at 10 am, it maintained levels above Rs 270. The stock reached its highest point of the day at Rs 290.85.

Ultimately, EMS shares settled at Rs 279.75, marking an impressive 32.58% increase in value. The trading volume amounted to 18.2 lakh shares on the BSE.

EMS Limited, a company specializing in water and wastewater management with a strong emphasis on government projects, successfully raised Rs 321.24 crore through its initial public offering. The IPO had a price range of Rs 200 to Rs 211 per share.