Tempsens Instruments shares more than doubled investors’ money as they made their stock-market debut with a staggering premium of over 111 per cent as compared to the upper limit of the IPO's price band. Tempsens Instruments share price listed at Rs 634 per share on the NSE, reflecting a premium of 111.33 per cent. On the BSE, the shares made their debut at Rs 631.20 per share, registering a premium of 110.40 per cent as compared to the IPO price.
However, the stock fell over 6 per cent after listing amid profit booking. Last seen, Tempsens Instruments shares were trading at Rs 592, down 6.7 per cent from the listing price. However, the stock was trading with a 96 per cent gain over the IPO price.
The company had set a price band at Rs 285-300 for its Rs 650 crore initial public offering. After the listing, the company's market capitalisation stood at Rs 5,291.52 crore.
Earlier, the issue got a massive 184.07 times subscription, getting an overwhelming response from investors during the August 20 to 24 bidding period.
Tempsens Instruments' market debut has met the market expectation as the grey market premium was anticipating a listing gain of more than 100 per cent. The Udaipur-based company will use proceeds for capital expenditure, debt repayment and general corporate purposes.
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Stock Market Today
Key domestic Benchmark equity indices —Sensex and Nifty —traded higher in early trade on Friday, breaking two days of losing momentum. The rebound was attributed to buying in blue-chip IT stocks and firm global cues. Last seen, the 30-share BSE index Sensex climbed 245.56 points to 77,191.80 in early trade. The 50-share NSE Nifty was up 54.20 points to 24,147.50.
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"Global cues are more supportive than they have been at any point this week. US markets closed firmly higher, with the Dow Jones Industrial Average gaining 0.20 per cent, the S&P 500 rising 0.72 per cent and the Nasdaq advancing 1.57 per cent," Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a Research Analyst firm, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 298.26 crore on Thursday, according to exchange data.
"Sentiment in technology and semiconductor stocks, however, was clearly lifted by Nvidia''s blowout quarterly results, which triggered a broad rally across AI-linked names in the US, helping the Nasdaq end about 1.5 per cent higher," Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said.
He said the focus now shifts to Fed Chairman Kevin Warren's first Jackson Hole keynote speech, which is the most-watched macro event of the week.