Gurugram-based Amber Enterprises made its market debut with a 37% premium over its issue price on BSE and NSE today.
At 10:46 am, the stock was trading 37.37 percent or 327 points higher than its issue price of Rs 859 on bourses.
Earlier, the stock listed on bourses 321 points or 37 percent higher at 1180 on BSE.
The stock hit an intra day high of 1191.35 and intra day low of 1114 in early trade.
Its market capitalisation stood at Rs 3,730.19 crore on BSE.
The room air-conditioner manufacturer has expertise in indoor, outdoor, split and window AC units and has reputed clients such as Daikin, Hitachi, LG, Panasonic, Voltas and Whirlpool.
The company plans to raise Rs 475 crore via fresh issue of shares and Rs 125 crore through offer for sale by promoters Jasbir Singh and Daljit Singh. The shares were available in a price band of Rs 855 to Rs 859 per share. Retail investors were allocated 35% of the issue.
The firm was incorporated in 1990 and started with a single manufacturing facility in Rajpura Punjab in 1994.
The room air-conditioner manufacturer also makes room air-conditioner (RAC) components such as heat exchangers, motors, inverter and non-inverter printed circuit boards.
On January 16, the firm raised Rs 179 crore from anchor investors. The company's IPO committee finalised allocation of 20,80,459 equity shares to 15 anchor investors at Rs 859 apiece, also the upper price band for the offer.
Abu Dhabi Investment Authority - Behave, Blackrock India Equities Mauritius, Goldman Sachs India and Kuwait Investment Authority Fund 225 were among the anchor investors.
Amber Enterprises' initial public offer (IPO) was open for subscription from January 17 to January 19. The company plans to use the proceeds for repayment and advance payment of certain loans and other general corporate purposes. Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas will manage the company's IPO. The IPO received mixed ratings from brokerages and experts.