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Bumper listing for GR Infra at 2x issue price, Clean Science up 76%

GR Infraprojects and Clean Science & Technology posted impressive gains during their stock market debuts on Monday.

Shares of road construction company GR Infra closed at Rs 1,747, up 2.1 times from the issue price of Rs 837. While Clean Science, the specialty chemical maker, closed 76 per cent higher at Rs 1585.2. IPO price Rs 900

GR Infra’s listing de gain was the best this year after Indigo Paints, while the jump in Clean Science is now the fourth best after the above two companies and MTAR Technologies.

The jump in listing day comes a week before the listing of India’s first unicorn company Zomato.

The IPO of GR Infra and Clean Science had bids worth Rs 1.73 lakh crore. GR Infra’s IPO was subscribed 103 times, while Clean Science was subscribed 95 times.

This year out of 25 IPOs, 19 companies have made gains on the day of listing. Out of the remaining six, shares of three companies have corrected and are currently trading above their issue price and the other three are trading only slightly below their issue price.

The IPOs of both GR Infra and Clean Science were secondary share sales by the promoters. After a strong start, GR Infra has a market cap of Rs 16,900 crore, while Clean Science is valued at Rs 16,838 crore.

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