Rishabhdev Technocables lists at 27% prem on BSE

Power cables manufacturer Rishabhdev Technocables today got listed at a premium of 27 per cent at Rs 42 on the Bombay Stock Exchange, against the issue price of Rs 33.     

The scrip opened at Rs 42, at a premium of 27.27 per cent over its issue price on the BSE.     

During the trade, the scrip surged to an intra-day high of Rs 47, up 42.42 per cent over the issue price. On the volume front, heavy trading was witnessed in the counter with nearly three crore shares changing hands on the bourse.     

The company, which is already listed on the Pune and Jaipur Stock exchanges, today listed 1,46,89,868 shares on the BSE.     

The company had raised about Rs 22 crore from its follow-on-public offer (FPO), which it plans to utilise for funding its expansion plans.     

In a filing to the BSE, Rishabhdev said it has bagged orders totaling Rs 42.03 crore from existing consumers for supply of cables.     

While the company has secured Rs 35.76 crore orders for supply of power cables, it has received a Rs 6.27 crore order for supply of control cables.     

Later in the day, the scrip parted some gains and was trading at Rs 30.40 on the BSE at 1400 hrs.