REC enters market with 19.05 per cent IPO premium
Equity shares of public sector enterprise Rural Electrification Corporation (REC) were listed at the Bombay Stock Exchange at a premium of 19.05 per cent on Wednesday, at Rs 125 against its issue price of Rs 105.
The company had received good response from investors and the IPO issue had been subscribed 27.19 times when it closed on February 22.
REC had priced its initial public offering at the top end of the price band at Rs 105 a share, to raise Rs 16.40 billion.
The public sector enterprise is engaged in financing and promoting transmission, distribution and generation projects across the country.
The company provides financial assistance to public sector power utilities at the central and state levels, private sector power utilities, and joint sector clients.