Salasar Techno Engineering Ltd..
Salasar Techno Engineering lists at 140% premium to issue price
Salasar Techno Engineering on Tuesday made a stellar debut, as the stock got listed at Rs 259.15 on BSE, a 139.95 per cent premium to its issue price of Rs 108 per share.
The stock has been admitted to dealings on the exchange in the list of ‘T’ group of securities.
The company, which is into steel fabrication and infrastructure solutions, had received a huge response for its IPO, with the issue getting 273 times subscription.
The issue comprised of 33.21 lakh equity shares at a price of Rs 108 per equity share, aggregating to Rs 35.86 crore. Proceeds from the issue will be utilised for meeting working capital requirements and general corporate purposes.
Nirmal Bang Securities noted that the company has technical tie-up with Ramboll, which has technical expertise in telecom tower structural design. he company caters to a large customer base across various industries including Reliance Jio, American towers, Indus towers, Bharti Infratel, BHEL, KEC international, Power Grid and others, the brokerage said.
The company reported revenue CAGR of 16 per cent over FY13- 17. The growth in gross profits, Ebitda and net profit for the period stood at 27 per cent, 24.5 per cent and 43.2 per cent, respectively.
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