Stunning debut for VA Tech WABAG

Shares of VA Tech WABAG Ltd. rose as much as 30% on the first day of listing on Oct. 13 on the NSE after opening at Rs 1,500. The stock closed at Rs 1,704, up Rs 394 compared to the issue price of Rs 1,310. The scrip went on to touch an intra day high of Rs 1,806 and an intra day low of Rs 1,500. Total traded quantity on the counter stood at over 1.56mn shares on the NSE. The stock closed the week at Rs 1,675. The IPO of VA Tech Wabag had been subscribed 36.22 times, according to NSE's web site. The issue had opened on September 2010 and closed on September 24. The company received bids for 11.33mn shares as against 3.12mn shares. The company had fixed the price band between Rs 1230 and Rs 1310 per share. Non institutional investors (HNI) category was subscribed 100.98 times followed by retail individual investors (8.55 times) and qualified institutional buyers (36.13 times).