Meanwhile the BSE Sensex was up 25.43 points or 0.11% to 20,238.80
7.27 lakh shares were traded on the counter on BSE in early trade.
The stock debuted at Rs 701.10, a 50.77% premium over the IPO price. The stock hit a high of Rs 813.75 and low of Rs 685.20 so far during the day.
The company had priced the IPO at the top end of the Rs 425-Rs 465 price band. At the current market price of Rs 735, the PE multiple works out to 49.32, based on the year ended March 2007 EPS of Rs 14.90.
Transformers and Rectifiers (India) IPO had ended on 12 December 2007. The issue was subscribed 91.31 times.
The company manufactures transformers ranging from power generation, transmission and distribution transformers, industrial and specialty transformers. The company had come out with the IPO to part finance a greenfield manufacturing facility at Moraiya, near Ahmedabad, Gujarat.
The company reported a profit after tax of Rs 18.07 crore on sales of Rs 126.32 crore in the year ended March 2007.