Udaipur based GR Infraprojects and Pune-based Clean Science and Technology made a strong debut today by listing almost 100% higher to their initial public issue (IPO) price.
Clean Science and Technology was listed at 98% premium over issue price at Rs 1784.40 on BSE and 95% premium at Rs 1,755 on NSE. The IPO was subscribed 93.41 times. It received total bids for 1,14,92,30,160 shares against 1,23,02,672 shares on offer.
GR Infra marked its first trade at 103.11% premium over issue price at Rs 1,700 on BSE, and 105% premium at 1,715.85 on NSE. The IPO was sold between July 7 and 9, and subscribed a whopping 102.58 times. It received total bids for 83,33,04,538 shares against 81,23,594 shares on offer.
Both the companies reaped reward from their conservative valuations. GR Infra issued shares at 8.5 times price-to-earnings (P/E) ratio on FY21 eps basis, which was very much economical compared to the other players.
Clean Science is expected to show strong performance in the coming year. The company may double its topline in the next 2-3 years.
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