Shares of PG Electroplast settled at Rs 411.65 on BSE, a premium of 96.02% over the initial public offer price of Rs 210.

The stock debuted at Rs 200, a discount of 4.76% to the initial public offer (IPO) price. The stock hit a high of Rs 490 and low of Rs 175.05. On BSE, 2.92 crore shares were traded on the counter.

PG Electroplast had priced the initial public offer (IPO) at the top end of the Rs 190 to Rs 210 per share price band. The IPO closed on 12 September 2011 with 1.34 times subscription. The IPO got bids for 77.03 shares as compared with 57.45 lakh equity shares on offer. The non-institutional investors category was subscribed 1.84 times. The retail individual investors and qualified institutional buyers category were subscribed 1.64 and 0.98 times, respectively.

PG Electroplast manufactures and assembles a comprehensive range of consumer electronic components and finished products such as colour television (CTV) sets & components, air conditioners (ACs) sub-assemblies, DVD players and compact fluorescent lamps (CFL) for third parties. As backward integration, it also does plastic injection moulding and manufactures printed circuit board (PCB) assemblies for CTVs, DVD players and CFL.

The company intends to use the IPO proceeds for prepayment of the portion of term loan and line of credit facility proposed to be availed by company for the expansion under Phase I; expansion of manufacturing facility at Unit III, Greater Noida; expansion of manufacturing facility at Unit IV, Pune; and for long term working capital requirements.

PG Electroplast's net profit surged 78.29% to Rs 17.90 crore on 19.67% increase in net sales to Rs 423.97 crore in the year ended March 2011 over the year ended March 2010.