Oct. 4 (Bloomberg) -- Prakash Constrowell Ltd., an Indian construction company, surged 67 percent in its trading debut in Mumbai after receiving demand for 2.2 times the shares offered in an initial public offer last month.
The shares, which started trading at 145.8 rupees, rose as high as 245 rupees and closed at 230 rupees. The company raised 600 million rupees ($12.2 million) selling 4.35 million shares at 138 rupees each in its initial sale.
The company, based in the western city of Nasik, will use the proceeds to complete pending projects and buy equipment, according to its sale document. It has orders in hand worth 1.5 billion rupees.
Prakash, which builds roads, bridges, industrial parks and hospitals, reported a 43 percent increase in profit to 106.5 million rupees in the year ended March 31. Revenue rose 12 percent to 1.27 billion rupees, according to its sale document.
Indian companies have raised 45.8 billion rupees from 23 IPOs since April. The benchmark Sensitive Index dropped 1.8 percent today to 15,864.86, its lowest level in more than five weeks.
--Editors: Abhay Singh, Ravil Shirodkar
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