Denta Water shares settle nearly 18% higher in debut trade; hit upper circuit limit

New Delhi: Shares of Denta Water and Infra Solutions Ltd on Wednesday ended with a premium of nearly 18 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. Shares of the firm ended at Rs 346.45 -- the upper circuit limit, rising 17.84 per cent.

On the NSE, the stock listed at Rs 325, a jump of 10.54 per cent. It ended at Rs 341.25 -- the upper circuit limit, registering a jump of 16 per cent.

The firm's market valuation stood at Rs 925.02 crore.

In terms of volume, 7.56 lakh shares of the firm were traded on the BSE and 15.60 lakh shares on the NSE during the day.

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.

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, 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.