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Business News » Companies News

Salasar Techno Engineering lists at premium of 152%; best performer in a decade

 Salasar Techno Engineering has turned out to be the best listing since 2000. The IPO was subscribed over 270-times. 

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Salasar Techno Engineering lists at premium of 152%; best performer in a decade
Transmission Line Towers of Salasar Techno Engineering. Photo: Official Website
Written By: Pooja Jaiswar
Updated: Tue, Jul 25, 2017
11:20 am
Mumbai, ZeeBiz WebDesk
Key Highlights: 
  • Salasar Techno Engineering lists at premium of 152%
  • IPO subscription at over 270 times 
  • Salasar Techno trades over Rs 270 per share on debut

Salasar Techno Engineering listed at a premium of 152% as its shares listed at Rs 272.10 per piece on Indian stock markets on Tuesday July 25, 2017. 

In pre-market opening, Salasar's share price stood at Rs 259.15 per piece higher compared to its initial public offering (IPO) issue price band of Rs 108 per piece. 

With this block buster opening, Salasar has become the first company in twelve years to get listed at a premium of over 150%. 

Data compiled by Prime Database revealed that Salasar would be second highest IPO in last twelve years following FCS Software Solutions which was listed at premium of 200% in the year 2005. 

Salasar has surpassed Indraprastha Gas which got listed at 150% in 2003, Nandan Exim at 140% premium in 2005, TV Today Network at 121% premium in 2004, Avenue Supermarts Limited (ASL) at 114% in 2017. 

Salasar is also the first IPO to receive over 270-times subscription in 17 years. Sankhya Infotech in 2000 witnessed 283.50-times subscription for its IPO. 


FCS Software Solutions' IPO in 2005 got subscribed by over 175-times, followed by Indus Networks in 2000 at 173.75-times subscription,  CDSL in 2017 at 170.16-times subscription and Religare Enterprises at 158.63-times subscription. 

Salasar IPO opened with investors bid over 90,67,92,375 equity shares compared to just 33,21,000 equity shares it offered. 

Priced at Rs 108 per share, Salasar Techno Engineering IPO planned to raise Rs 35.86 crore - smallest IPO this year. 

Portion reserved for high net-worth investors got subscribed by 478 times, while retail portion was subscribed by 56 times. 

Salasar was expected to utilise proceeds from this IPO for capital requirement including margin money and general corporate purpose. 

So far this year, ASL has got over-subscribed by 104.59% following BSE-owned Central Depository Services Limited (CDSL) which saw over 170-times subscription during its IPO. 

ASL brought its IPO on March 08, 2017, and received bids over 464 crore equity shares as against its 4.44 crore equity shares offered. While CDSL launched its IPO on June 19, 2017, received bids 422.45 crore equity shares compared to its 2.48 crore equity shares offered.

Thus, Salasar becomes the best performer not only in listing but also in IPO market. 

ALSO READ: 
  • DMart listing: First time in 12 years an IPO saw over 100% listing gains on day 1
  • Bumper listing: CDSL lists at over Rs 250 per share
  • IPOs continue their winning streak in 2017

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Salasar Techno EngineeringSalasar Techno Engineering listingSalasar IPOSalasar share priceSalasar Techno Engineering IPOAvenue SupermartsCentral Depository Services LimitedCDSL IPOAvenue Supermarts IPOSalasar Techno Engineering market debutSensexNiftyMarketsinitial public offeringIPOInvestmentInfrastructure
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