Shares of Sanghvi Forging & Engineering got listed on the NSE today at a premium of over 3% vis-a-vis their issue price of Rs 85 apiece.
Shares of the company opened at Rs 88 apiece, reflecting a jump of 3.52% over the issue price on the National Stock Exchange (NSE). Later, the stock was trading at Rs 89.90 apiece, up 5.76% from the issue price.
On the Bombay Stock Exchange, the scrip debuted at Rs 85 and was later quoting at Rs 90.10.
In terms of volume, over 1 crore shares of the company changed hands on the bourses in early trade.
The company had entered the capital market through a Rs 36.9 crore initial public offer with a price band of Rs 80-85 per share.
The firm intends to utilise the issue proceeds for partly financing the cost of setting up a 15,000-MTPA open die forging unit (with single piece forging up to 40 MT) to manufacture proof-machined products such as stepped shafts, bars & hollows, blocks, flanged shafts, gear blanks and forging items.
The company is a manufacturer and exporter of forging products for the non-automotive sector.