Va Tech Wabag has debuted at Rs 1,500, a 15% premium against its issue price of Rs 1,310 a share on the National Stock Exchange (NSE). The stock is currently trading at Rs 1,712, with 178,460 shares changing hands on the counter in opening deals.
The company had tapped the capital market with an IPO in the price band of Rs 1,230-1,310 for an Rs 5 paid-up share and fixed the issue price at the upper band.
The multinational player in the water treatment industry raised Rs 473 crore through the IPO and plans to use the net proceeds of the issue to fund its working capital requirements, office construction at Chennai and implementation of global IT systems.
The company's initial public offering (IPO) attracted subscription of 36.22 times. The qualified institutional buyers (QIBs) portion received subscription of 36.13 times, the non institutional investors (NII) was subscribed 100.98 times and the retail individual investors (RIIs) component saw an interest of 8.55 times.
