Rulka Electricals Ltd shares soared over 118% on their debut trade on the NSE's SME. The IPO was oversubscribed 676.83 times, reflecting strong investor interest.
New Delhi, May 24 (PTI) Shares of Mumbai-based Rulka Electricals Ltd on Friday ended with a premium of over 118 per cent against the issue price of Rs 235 on the NSE's SME.
The stock listed at Rs 525, reflecting a jump of 123.40 per cent against its issue price on the NSE SME. It later ended the session at Rs 498.75 apiece, rallying 118.4 per cent on the bourse.
At the close of the session, the company's market valuation stood at Rs 212.39 crore.
In volume terms, 4.49 lakh equity shares of the company were traded on the NSE SME during the day.
The Initial Public Offering (IPO) of Rulka Electricals received overwhelming investor interest, with the issue oversubscribed staggering 676.83 times on the closing day of bidding on Tuesday.
The Rs 26.4-crore IPO had a fresh issue of up to 8.42 lakh equity shares and an offer for sale of up to 2.8 lakh shares.
The IPO was open for subscription during May 16-21 at a price band of Rs 223-235 a share.
Capital raised through the IPO would be used to fund working capital requirements, support business activities, and cover public offering expenses.
Founded by Rupesh Laxman Kasavkar and Nitin Indrakumar Aher. Rulka Electricals offers a comprehensive suite of electrical and firefighting solutions for various sectors, including industrial, commercial, retail, and theatre.
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