Shares of real-estate developer Nitesh Estates Ltd listed at 54 rupees on the BSE on Monday, the same as its issue price.

The company has raised 4.05 billion rupees by selling 75 million shares through the initial public offer.

The proceeds of the issue are to be used to fund the upcoming as well as under-construction projects and to repay debt, the company said in its draft prospectus.

ICICI Securities, Kotak Mahindra Capital Co and Enam Securities were the arrangers of the issue.

At 9:02 a.m., shares of Nitesh Estates were trading at 53.30 rupees in a firm Mumbai market.

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