HG Infra to make stock market debut on Friday
HG Infra Engineering, which has raised Rs. 462 crore through initial public offer (IPO), will list its shares on stock exchanges on Friday.
The equity shares will be listed on National Stock Exchange (NSE) as well as on BSE. This will be the sixth listing of the year after Aster DM Healthcare, which made its debut last month. HG Infra’s IPO, which opened for subscription during 26-28 February, was subscribed five times at a price band of Rs. 263-270 per share.
The IPO comprised fresh issue of shares aggregating up to Rs. 300 crore besides an offer for sale of up to 60 lakh scrips by the existing shareholders. Proceeds of the IPO will be utilised towards purchase of capital equipment, repayment of certain indebtedness, and for other general corporate purposes. SBI Capital Markets and HDFC Bank managed the company’s IPO.