The shares of Prostarm Info Systems were listed on BSE at Rs 125 apiece on June 3. This marks a premium of 19.05 percent over the IPO price of Rs 105 apiece.  The company debuted with a market capitalization of over Rs 707 crore.

The newly listed stock later made some gains to close in the green at Rs 126.05 apiece on the BSE. This marks a 20 percent rise from the IPO price. At close, the company had a market capitalization of Rs 742 crore, as per BSE.

On NSE, the shares of the inverter-maker were listed at Rs 120 apiece, marking a premium of 14.29 percent over the IPO price. The stock however jumped 5 percent on the exchange to get locked in the upper circuit at Rs 126 apiece. This marks a 20 percent rise from the IPO price.

Notably, the listing premium is slightly higher than the grey market estimates. Ahead of listing, the unlisted shares of the company were trading with a grey market premium (GMP) of 11.43 percent over the IPO price at Rs 117 apiece, according to data on Investorgain.

The Rs 168-crore IPO of Prostarm Info Systems was subscribed over 97 times from May 27 to May 29. The public issue of the Maharashtra-based power solution products-maker received bids for nearly 109 crore shares, as against the offer size of 1.12 crore shares, according to NSE data. Non Institutional Investors (NII) showed the most interest in the issue, subscribing their reserved portion by a whopping 222 times. Qualified Institutional Buyers (QIBs) followed, subscribing the portion kept for them over 104 times. Retail investors meanwhile subscribed their reserved portion around 39.5 times.

The inverter-maker's IPO entirely comprised a fresh issue of 1.6 crore equity shares at a price band of Rs 95-105 per share. Investors could apply for a minimum of 142 shares, with a minimum investment of Rs 14,910, and in multiples thereafter.

The company intends to utilise IPO proceeds for working capital requirements, repayment of debt, and inorganic growth through unidentified acquisitions.

The UPS and inverter maker raised Rs 50.4 crore via anchor book on May 26, a day before the IPO opened for public bidding. Prostarm Info Systems in its filing to exchanges said it has finalised allocation of 48 lakh equity shares to anchor investors at a price of Rs 105 per equity share.

Chattisgarh Investment, Astrone Capital, Steptrade Revolution Fund, Abundantia Capital, and Swyom India Alpha Fund were amongst eight institutional investors participated in the anchor book.

Choice Capital Advisors was the book running lead manager to Prostarm Info Systems IPO.