Belrise Industries Shares Surge 11% on Market Debut

New Delhi, May 28 (PTI) Shares of automotive components maker Belrise Industries Ltd listed with a premium of over 11 per cent against the issue price of Rs 90 on Wednesday.

The stock started the trade at Rs 98.50, rallying 9.44 per cent from the issue price on the BSE. It later jumped 14.66 per cent to Rs 103.20.

At the NSE, the stock listed at Rs 100, registering a premium of 11.11 per cent.

The company's market valuation stood at Rs 8,262.53 crore.

The initial public offer of Belrise Industries got subscribed 41.30 times on the closing day of bidding on Friday, helped by encouraging participation from institutional buyers.

The Rs 2,150-crore initial share sale had a price band of Rs 85-90 per share.

Belrise Industries is an automotive components manufacturing company, offering a diverse range of safety-critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agri-vehicles.

The company has a long-standing relationship with customers, including prominent multinational OEMs such as Bajaj Auto, Honda Motorcycle & Scooter India, Hero MotoCorp, Jaguar Land Rover and Royal Enfield Motors.