Aishwarya Telecom shares more than doubled on the listing on the Bombay Stock Exchange (BSE). The stock opened at Rs50.10 as against the issue price of Rs35. The stock was last quoted at Rs76.25 after hitting a high of Rs76.90 and a low of Rs50.10.
The company had come out with an initial public offering (IPO) of 40 lakh shares. The issue was subscribed 20 times. The company received bids for 80mn shares as against 4mn shares on offer.
Retail investors and HNIs were among the biggest contributors to the Aishwarya Telecom issue. While the retail portion was subscribed 34 times, the HNI segment was subscribed 29 times. The QIB part was subscribed 8.4 times.
Aishwarya Telecom plans to use the proceeds from the IPO to increase its manufacturing capabilities and infrastructure, and fund research projects.
The company manufactures Test and Measurement Instruments for telecom, defence, railways, and cable television companies.
Aishwarya Telecom's key clients include BSNL, Tata Teleservices and Bharati Telenet. It also exports cable fault locators to France, Taiwan, Czech Republic and Dubai.
SREI Capital Markets and Sobhagya Capital Options were the lead managers to the issue.
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