Rishabh Instruments stock ends on muted note in debut trade

Shares of energy efficiency solution company Rishabh Instruments Ltd ended on a lacklustre note on Monday, the first day of trade.

New Delhi: Shares of energy efficiency solution company Rishabh Instruments Ltd ended on a lacklustre note on Monday, the first day of trade.

The stock began the trade at Rs 460, up 4.30 per cent from the issue price of Rs 441 on the BSE. During the day, it jumped 6.49 per cent to Rs 469.65. Shares of the company later ended at Rs 442.75 apiece, up 0.39 per cent.

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On the NSE, it was listed at Rs 460.05, registering a gain of 4.31 per cent. The stock ended at Rs 441.50 each, up 0.11 per cent.

The company commanded a market valuation of Rs 1,680.74 crore.

In volume terms, 5.80 lakh shares of the company were traded on the BSE and over 80.38 lakh shares on the NSE during the day.

The Initial Public Offering (IPO) of Rishabh Instruments was subscribed 31.65 times driven by heavy demand from institutional buyers.

The company had fixed the price band for the IPO at Rs 418-441 per share.

The IPO had a fresh issue of equity shares aggregating up to Rs 75 crore and an Offer For Sale (OFS) of up to 94.3 lakh equity shares.

The Nashik-based firm is focused on electrical automation, metering and measurement, precision engineered products with diverse applications across industries, including power and automotive sectors.