Tempsens Instruments lists at ₹634, more than doubles, drops
Tempsens Instruments had a wild ride on the stock market after launching at ₹634 (that's more than double its IPO price of ₹300);
shares fell more than 4% on Monday during the trading session, landing at ₹576.25 as of 10:01am down 1.77%.
Still, that's quite a leap for a new listing.
₹650cr IPO subscribed 184 times
The company's ₹650 crore IPO was a hit, getting subscribed 184 times.
Only the ₹73.13 crore in net proceeds from the fresh issue will go into supporting the company's expansion and strengthening its balance sheet: ₹18.13 crore is set aside for capital expenditure for its electrical-heating and specialised-cable businesses, and ₹55 crore to pay off debts.
Tempsens makes thermal-engineering products like temperature sensors and heating solutions used across several industries.