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Action Construction lists on BSE

The party continues for the mobile crane maker as it lists with a heavy premium after being hugely oversubscribed.

india Updated: Sep 26, 2006 17:56 IST

Action Construction Equipment Ltd, a mobile cranes manufacturer, got listed on Tuesday at Rs 200 on the Bombay Stock Exchange against its issue price of Rs 130.

The company, in its IPO, had offered 46 lakh equity shares of Rs 10 each, which were subscribed by over 34 per cent.

The issue price of shares was fixed at Rs 130 per share, the upper end of the price band of Rs 110-130.

ACE had received a good response from institutional investors with the Qualified Institutional Buyers portion being subscribed by over 37 times, while the part reserved for the Non-Institutional Investors (NII) got over subscribed by 40 times.

The retail portion of the Action IPO also got demand of over 29 times on the last day of offer.

The company proposes to invest part of the net proceeds of the issue in a new plant for manufacturing loaders, higher capacity tower cranes and construction equipment along with expansion and modernisation of the existing capacities and facilities.

First Published: Sep 26, 2006 10:40 IST