Mumbai: Real estate developer, Consolidated Construction Consortium Ltd (CCCL) on Monday listed on the BSE with a premium of 57% as compared to its issue price of Rs510.
The scrip opened at Rs801 on the exchange and touched an intra-day high of Rs825.75 within minutes of listing on the Bombay Stock Exchange and was trading at Rs776 in the early morning trade.
The company has listed over three crore shares at an issue price of Rs510 each.
The Initial Public Offer (IPO) of CCCL received good response from investors as the issue got subscribed over 80 times.
CCCL had entered the capital market with an IPO of 37 lakh equity shares at a price band of Rs460-510 a share. The company plans to use the proceeds to finance acquisition of construction infrastructure, for investment in subsidiaries, skill and management development centre, repayment of loans and general corporate purposes.
CCCL is an ISO-certified company with a turnover of around Rs855 crore. It has a pan-India presence and is engaged in construction, engineering, procurement and project management.