Rudra Gas Enterprise marked a robust debut on February 15, with its stock listing at a 90 percent premium to the IPO price. Trading on the BSE SME, the stock opened at Rs 119.7, significantly higher than the issue price of Rs 63.
This listing performance was in line with expectations, as Rudra Gas shares had been trading at a 90 percent premium in the grey market. The grey market serves as an unofficial platform where shares are traded before IPO allotment and up to the listing day. Many investors monitor the grey market premium to gauge potential listing prices.
The IPO, which opened for subscription on February 8 and closed on February 12, witnessed an overwhelming response, being subscribed 350 times. Priced at Rs 63 per share, the IPO generated Rs 14.16 crore through a fresh issue of 22.48 lakh shares.
The company intends to utilize the raised capital to fulfill its working capital requirements and for general corporate purposes. Rudra Gas Enterprise operates in various sectors, including gas distribution network projects, fiber cable networks, and construction equipment and vehicle rental. Its services encompass pipeline construction, civil works, and the operation and maintenance of pipeline networks for city gas distribution.
