HPL Electric makes weak debut, shares fall nearly 6%

New Delhi: Shares of HPL Electric & Power made a lacklustre debut at bourses today, falling nearly 6 per cent over the issue price of Rs 202.

The stock listed at Rs 190.05, down 5.91 per cent from the issue price, on BSE. It later touched a day’s low of Rs 184.30, a slump of 9.6 per cent.

At NSE, it debuted at Rs 190, a loss of 5.94 per cent.

The company commands a market valuation of Rs 1,218.17 crore.

The company’s IPO was oversubscribed a little over eight times during September 22-26.

The quota reserved for qualified institutional buyers (QIBs) was oversubscribed 5.77 times while for non-institutional investors, it was 22.20 times. The retail investor portion attracted 3.31 times subscription.

The price band for the IPO was fixed at Rs 175-202 per share.

Proceeds of the issue will be utilised for repayment of loans, funding working capital requirements and other general corporate purposes.

HPL Electric makes metering solutions, switch gears, lighting equipment and wires and cables, among others.