Tempsens Instruments stocks lists at a massive premium of over 111 per cent

Representational Image. File pic.

Shares of temperature sensing and heating solutions provider Tempsens Instruments (India) Ltd on Friday listed with a massive premium of over 111 per cent against the issue price of Rs 300.

The stock started trading at Rs 631.20, registering a jump of 110.4 per cent from the issue price on the BSE.

At the NSE, the stock listed at Rs 634, recording a surge of 111.33 per cent.

The company's market valuation stood at Rs 4,934.81 crore.

The initial public offering (IPO) of Tempsens Instruments (India) Ltd was subscribed 184.07 times on the final day of bidding on Monday, driven by overwhelming response from investors.

The Rs 650-crore public offering had a price band of Rs 285-300 per equity share.

The IPO had a fresh issue of equity shares aggregating up to Rs 95 crore and an offer for sale of up to 1.85 crore equity shares.

The Udaipur-based company plans to use the proceeds for capital expenditure in electrical heating and specialised cable solutions, debt repayment and general corporate purposes.

Incorporated in 1990, Tempsens manufactures a wide range of contact and non-contact temperature sensors and provides tailored solutions across industrial applications.

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