HP Electric Shares List 4% Lower On NSE

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Shares in HP Electric, which had launched an IPO last month at a price of Rs 202, got listed on the bourses today.

HP Electric Shares List 4% Lower On NSE
The shares got listed at Rs 194, down almost 4 per cent over its offer price of Rs 202. This is the second IPO after ICICI Prudential Life Insurance, which is now trading below its offer price.

The company had fixed its price band between Rs. 175-202 per share and no discount was offered to retail investors. The issue which had begun very slowly managed to sail through on the last day.

Most analysts had suggested to buy the stock for gains on listing. However, some had suggested to stay away from the stock, given the fact that its major clients are power utilities, who face cash related woes.

The net profit of the company for the year FY 2016 stood at ₹48.6 crore with a very low net profit margin at 4.1 per cent.


Read more about: ipo, hp electric
Story first published: Tuesday, October 4, 2016, 10:07 [IST]
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