Sadbhav Infrastructure, an infrastructure sector player primarily involved in the development of highways and road projects, listed at a 7.5 per cent premium to its issue price of Rs 103 a share.
It was trading at Rs 108.05 a share, 4.9 per cent above the issue price at 1 PM on BSE in a strong Mumbai market on Wednesday.
The company concluded the IPO early this month; IPO was oversubscribed 20 per cent.
It raised around Rs 491 crore, including the small portion that went to selling shareholders Xander and Norwest Venture Partners as part of the offer-for-sale.
Kotak Mahindra Capital, ICICI Securities, Inga Capital, Edelweiss and Macquarie managed the issue.
Started in 2007, it specialises in roads related build-operate-transfer (BOT) projects. All projects are implemented and held through special purpose vehicles, including joint venture entities.
Its operations are spread across Maharashtra, Gujarat, Rajasthan, Karnataka, Haryana, Madhya Pradesh and Telangana.