Denta Water shares plunge over 12 pc in debut trade

The stock made its debut at Rs 330, rallying 12.24 per cent from the issue price on the BSE. Later, it surged 17.84 per cent to Rs 346.45

New Delhi: Shares of Denta Water and Infra Solutions Ltd on Wednesday listed with a premium of over 12 per cent against the issue price of Rs 294. The stock made its debut at Rs 330, rallying 12.24 per cent from the issue price on the BSE. Later, it surged 17.84 per cent to Rs 346.45. At the NSE, the stock listed at Rs 325, a jump of 10.54 per cent.

The firm’s market valuation stood at Rs 925.02 crore. The initial share sale of Denta Water and Infra Solutions Ltd garnered 221.52 times subscriptions on the closing day of bidding on Friday. The initial public offer had a price band of Rs 279-294 per share. The IPO was entirely a fresh issue of 75 lakh equity shares worth Rs 220.5 crore at the upper-end of the price band.

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Proceeds to the extent of Rs 150 crore will be utilised to meet working capital requirements, and a portion will be used for general corporate purposes.

Founded in 2016, Denta Water and Infra Solutions Ltd has emerged as one of the key players in the field of water engineering, procurement, and construction (EPC) services.

It has completed 32 water management projects, out of which 11 projects were undertaken as the main contractor, one project under a consortium/joint venture arrangement and 20 projects undertaken under a subcontract arrangement with the main contractor.