Aishwarya Telecom manufacturer of Test and Measurement Instruments like Mobile Tester, Fiber Optic Tester, Data Tester, Cable Fault Locator, etc listed at Rs 50.10 with a premium of 42.14 % on the BSE, the issue price was Rs 35.
The share touched an intraday high of Rs 89.25 and an intraday low of Rs 50.10.
Aishwarya Telecom is one of the important players in the T&M industry, which mainly supplies its products to major telecom operators.
The company had fixed the issue price at Rs 35 per equity share for its initial public offering of 40 lakh shares.
The initial public offer of Aishwarya Telecom was subscribed 20 times. It had received bids for 8 crore shares as against 40 lakh shares on offer.
Retail investors and non institutional investors had given strong support to the issue, their reserved portion was subscribed 34 times and 29 times, respectively followed by 8.4 times subscription in QIB category.
Aishwarya will use the proceeds of the issue to increase its manufacturing capabilities and infrastructure, fund research projects and for general corporate purposes.
Its clients include BSNL, Tata Tele Services and Bharati Telenet. It also exports cable fault locators to France, Taiwan, Czech Republic and Dubai.
The company also manufactures products for telephone service providers, defence sector, railways, telecom equipment companies and cable TV operators.