Mahanagar Gas (MGL) has listed at Rs.540, a 28 per cent premium against issue price of `421 per share, on the National Stock Exchange (NSE). The stock hit a high of `549 within minutes of listing. It also touched a low of `532 in intra-day trading.
After the market opened, the stock was trading at `545, 30 per cent higher as compared to its issue price on the NSE. A combined 5.5 million shares changed hands on the counter on the NSE and BSE so far.
MGL has a city gas infrastructure of 188 CNG filling stations.
The company has mopped up Rs.1,039 crore through its Initial Public Offer (IPO), which garnered nearly 65 times subscription. The Qualified Institutional Buyer (QIB) segment was subscribed around 73 times, High Networth Individual (HNI, or rich) segment saw a whopping 192 times subscription, while the retail (small investor) category saw nearly seven times more demand than the shares on offer.