MUMBAI (Commodity Online): Infrastructure developer Man Infraconstruction Ltd (BOM:533169) debut with a premium of 47.9% on the Bombay Stock Exchange (BSE), over the initial public offer of Rs.252. The company stocks listed on the BSE at Rs.335 at the opening of the trading session on Thursday, March 11, 2010.

Man Infraconstruction had entered into the capital market with a public issue last month which was priced at the top end of the Rs 243 to Rs 252 a piece price band. The IPO closed on 22 February 2010, with an oversubscription of 62.53 times. The IPO received total bids for 29.09 crore equity shares compared with 46.53 lakh equity shares offered by the company.



The stock hit a high of Rs 374.90 and a low of Rs 335. The current stock price of Rs.372.60, discounts the company's year ended March 2009 EPS of Rs.15, by a PE multiple of 24.84.

Just before the opening of the IPO on 18 February 2010, the company had received commitments of Rs.24.50 crore from anchor investors, who subscribed for 9.72 lakh equity shares at Rs.252 per equity share, at higher end of the price band of Rs.243-252.

The anchor investors included Nomura Asset Management Singapore, Reliance Mutual Fund, Legg Mason Asian Enterprise Trust, Monsoon India Inflection Fund, Axis Mutual Fund and India Diversified (Mauritius).

Man Infraconstructions reported a net profit of Rs.74.53 crore on sales of Rs.222.14 crore in the year ended March 2009. The company provides construction services for port infrastructure, residential, industrial, commercial and road infrastructure projects.

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