IGI Logo

Shares of Indian metallic tubes and hose maker Aeroflex Industries surged as much as 81.8% in trading debut on Thursday, valuing the company at 25.39 billion Indian rupees ($307.14 million).

The Mumbai-based firm's share price rose to 196.35 rupees apiece during the session so far, compared to the initial public offer (IPO) price of 108 rupees.

The 23.2 million shares allotted to certain investors were subscribed 97.11 times at the end of bidding on Aug. 24, raising 243.50 billion rupees, data from the National Stock Exchange showed.

The 3.51-billion rupees IPO consisted of a fresh issue of shares worth 1.62 billion rupees and an offer for sale of shares from existing shareholders and parent SAT Industries worth 1.89 billion rupees, according to a prospectus.

Aeroflex joins other listings, such as Mankind Pharma, Blackstone's Nexus Select Trust and Concord Biotech that fared well in the capital market amid improved domestic sentiment.

As of 11:11 a.m. IST, benchmark Nifty 50 was down about 0.2%.

($1 = 82.6650 Indian rupees)