New Delhi, Sep 1: Shares of hydraulic fitting manufacturer Hy-Tech Engineers Ltd made a strong debut on the stock exchanges on Tuesday, listing at a 41.5 per cent premium on the NSE.
The stock opened at Rs 75 on the NSE, against its issue price of Rs 53. On the BSE, shares opened at Rs 72, up 35.8 per cent from the issue price.
The company’s market valuation stood at around Rs 716.99 crore following the listing.
Hy-Tech Engineers’ Rs 135.73-crore initial public offering (IPO) received a strong response from investors and was subscribed 244.41 times by the final day. The IPO had a price band of Rs 50-53 per equity share.
The company plans to use around Rs 29.96 crore from the fresh issue to purchase machinery and equipment for expanding its facilities at Kavathe, Shirwal and Pithampur-I. Another Rs 16 crore will be used to repay loans, while the remaining funds will be used for general corporate purposes.
Hy-Tech Engineers operates on a business-to-business model and supplies hydraulic fittings to original equipment manufacturers and other industrial customers in India and overseas.
The strong listing reflects investor interest in the company and comes as India’s manufacturing and industrial sectors continue to expand. The company’s focus will now be on implementing its expansion plans and strengthening its manufacturing capacity.