Dilip Buildcon shares make strong debut; gain nearly 10%

New Delhi: Shares of infrastructure firm Dilip Buildcon made a strong debut at the bourses today, rising nearly 10 per cent, over the issue price of Rs 219. The stock listed at Rs 240, up 9.58 per cent on BSE. It later touched a high of Rs 253.95, reflecting a gain of 15.95 per cent. At NSE, shares of the company debuted at Rs 240, up 9.58 per cent.

The company commands a market valuation of Rs 3,369.32 crore. Dilip Buildcon’s IPO had attracted massive demand, with the offer getting subscribed by around 21 times. The company had fixed the price band at Rs 214-219 per share for its IPO which was open from August 1-3.

Proceeds of the issue will be utilised towards repayment of debt and meeting working capital requirements. Dilip Buildcon, which is primarily into construction of roads and highways, has an order book of almost 8,000 km, worth over Rs 11,000 crore, to be executed over the next two-and-a-half years.

The lead managers were Axis Capital, IIFL Holdings, JM Financial Institutional Securities and PNB Investment Services.

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