Dilip Buildcon stock surges 15% on debut, co's valuation at Rs 3,446 cr

New Delhi: Shares of infrastructure firm Dilip Buildcon, which made a strong debut on the bourses Thursday, settled with a gain of 15 percent over the issue price of Rs 219. [caption id=“attachment_1613025” align=“alignleft” width=“380”]  Reuters[/caption] After listing at Rs 240, up 9.58 percent on BSE, shares of the company finally ended at Rs 251.95, surging 15 percent. Intra-day, it jumped 16.43 percent to Rs 255. On NSE, the stock zoomed 14.95 percent to close at Rs 251.75. The company commands a market valuation of Rs 3,445.91 crore. Dilip Buildcon’s Rs 654-crore IPO had a strong demand, with the offer getting subscribed by around 21 times. The company had fixed the price band at Rs 214-219 per share for its IPO which was open from 1-3 August. Proceeds of the issue will be utilised towards repayment of debt and meeting working capital requirements. Dilip Buildcon, which is primarily into construction of roads and highways, has an order book of almost 8,000 km, worth over Rs 11,000 crore, to be executed over the next two-and-a-half years. The lead managers were Axis Capital, IIFL Holdings, JM Financial Institutional Securities and PNB Investment Services.