Mumbai: Shares in KNR Constructions Ltd on Monday debuted at Rs189.90 rupees on the BSE, 12% higher from the issue price of Rs170 each.
The shares, however, eased below the issue price and were trading at Rs163 at 9:57 a.m, after touching a high of Rs199.
The company raised Rs1.34 billion through the 7.87-million-share initial public offer. It plans to use the money to buy capital equipment and invest in build-operate-transfer projects.
The construction firm holds two toll projects in a joint venture with Patel Engineering Ltd and held an order book of Rs17.3 billion at the end of November 2007, the offer document showed.