(MENAFN- KNN India)
New Delhi, Sep
5 (KNN) In a robust market debut, shares of Travels & Rentals commenced trading on the Bombay stock exchange (BSE) at a significant premium to their initial public offering (IPO) price.
The stock opened at Rs 55, marking a 37.50 per cent increase from its IPO price of Rs 40 per share.
As of the latest trading session, the shares were changing hands at Rs 57.75, representing a 44.38 per cent premium over the issue price.
The stock reached its upper circuit limit of 5 per cent above the listing price, with trading activity frozen at this level.
Throughout the session, the stock witnessed a trading range between Rs 52.25 and Rs 57.75. Market participation was notable, with approximately 19.98 lakh shares exchanging ownership.
The company's IPO, which concluded on September 2, 2024, after opening on August 29, 2024, saw overwhelming investor interest.
The issue was oversubscribed by 578.15 times, indicating strong market confidence in the company's prospects.
The public offering comprised a fresh issue of 30,60,000 shares. Following the IPO, the promoter and promoter group's stake in the company has been reduced to 62.86 per cent from the pre-IPO level of 86.48 per cent.
Travels & Rentals has earmarked the net proceeds from the IPO for working capital requirements and general corporate purposes.
The company offers a wide array of travel-related products and services, including airline tickets, hotel bookings, tour packages, rail tickets, and ancillary services such as travel insurance and visa processing.
As of March 31, 2024, the company reported a workforce of 58 employees.
For the fiscal year ending on the same date, Travels & Rentals posted revenue from operations of Rs 7.52 crore and a net profit of Rs 2.96 crore.
The strong market response to Travels & Rentals' IPO and its subsequent performance on listing day reflect investor optimism about the company's business model and growth prospects in the travel sector.
(KNN Bureau)
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