Suryachakra Power Corporation ended at Rs 22.82, a premium of 14.1% over the IPO price of Rs 20.

The scrip debuted at Rs 30, also its high for the day. It touched a low of Rs 21.

On BSE, 6.10 crore shares were traded in the scrip.

At current price of Rs 22.82, the scrip trades at a PE multiple of 114.1, based on year ended March 2007 EPS of Rs 0.20 (based on consolidated results).

The Suryachakra IPO ended on on 29 June 2007 with 2.18 times subscription. The issue received total bids for 7.42 crore shares compared to total issue size of 3.40 crore shares.

The total bids in the qualified institutional buyers (QIBs) category totaled 3.15 crore shares. In this category, the foreign institutional investors bid for 2.36 crore shares and mutual funds bidding for 29.18 lakh shares. There were no bids by domestic financial institutions.

The non institutional investors bid for 67.26 lakh shares. The retail investors bid for 3.55 crore shares, of which 3.23 crore shares were bid at cut off price and 32.63 lakh lakh shares were bid at price. The employees bid for 3.94 lakh shares.

The company had fixed IPO price at the top end of the Rs 17 - 20 price band.

Suryachakra Power Corporation is engaged in the generation of power. The company had set up 20 mega watts (MW) power plant in remote area near Port Blair, in Andaman Islands at a cost of Rs 85 crore.

The plant is in operation for the past couple of years. It has already notched up an annual turnover of Rs 80 crore. The company is also entering into bio-diesel Sector in big way. The company is granted power trading license by Central Electricity Regulatory Authority for carrying out inter state sale (trade) of power.

On consolidated basis, Suryachakra Power Corporation had reported a net profit of Rs 1.36 crore on sales of Rs 92.82 crore in the year ended March 2007.