Sanghvi Forgings lists at Rs 88 on the NSE

MUMBAI: Shares of Sanghvi Forging listed at Rs 88, a premium of 3.53 per cent, against issue price of Rs 85 on the NSE.

At 10:20 am; the stock was at Rs 89.90, up 5.65 per cent. It touched a high of Rs 97.20 and low of Rs 87 in trade so far.

The company had come out with Rs 37 crores IPO to partly finance the cost of setting up 15,000 MTPA open die forging unit, working capital for the new project and for pre-operative expenses.

Sanghvi Forging manufactures and exports forging products for the non-automotive sector. It products include forged flanges, forgings and machined components for various industries like oil & gas, fertilizers, power, desalination & water treatment, ship building, defence, fabrication of process equipments, instrumentation etc.