New Delhi, Feb 24 (PTI) Shares of Quality Power Electrical Equipments Ltd on Monday listed with a premium of nearly 2 per cent against the issue price of Rs 425.

The stock made its market debut at Rs 432.05, registering a marginal gain of 1.65 per cent from the issue price on the BSE. Later, it dropped 6.58 per cent to Rs 397.

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At the NSE, shares of the firm listed at Rs 430, a premium of 1.17 per cent. The stock later declined 6.64 per cent to Rs 396.75.

The company's market valuation stood at Rs 3,129.13 crore.

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The Initial Public Offering (IPO) of Quality Power Electrical Equipments Ltd got subscribed 1.29 times on the last day of bidding on Tuesday.

The initial share sale had a price range of Rs 401-425 per share.

The IPO had a fresh issue of equity shares aggregating up to Rs 225 crore and an Offer For Sale (OFS) of 1.5 crore shares valued at Rs 634 crore at the upper end of the price band. This took the total issue size to Rs 859 crore.

Proceeds from the fresh issue will be utilised for the acquisition of Mehru Electrical and Mechanical Engineers, funding capital expenditure requirements for purchasing plant and machinery.

Besides, the company will use the funds for inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.

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