SEL Manufacturing Company ended at Rs 142.80 on BSE, a premium of 58.67% over the IPO price of Rs 90.

SEL Manufacturing had debuted at Rs 87.90, a discount of 2.33% over the IPO price. It had touched a high of Rs 157.50 and a low of Rs 80, so far during the day.

On BSE, 2.69 crore shares of the scrip were traded.

At the current price of Rs 142.80, the PE works out to 9.15, based on the year ended March 2007 annualised EPS of Rs 15.6.

The company had fixed the issue price at top end of the Rs 80 - Rs 90 price band.

SEL Manufacturing Company's IPO had ended on 31 July 2007 with 3.62 times subscription. The qualified institutional buyers (QIBs) category was subscribed 4.09 times, the non-institutional investors category 3.12 times, the retail individual investors category 3.55 times and the employees category 0.99 times.

Ludhiana-based SEL Manufacturing Company, a part of RS Saluja Group, had made a pre-IPO placement of 7,60,800 shares to Exim Bank at Rs 65 per share. The company had also made a placement of another five lakh shares to Nirmal Kotecha at Rs 75 per share.

SEL Manufacturing Company manufactures and exports knitted garments, fabrics and combed and carded yarn.

The company aims to expand its capacities in spinning, knitting and garment manufacturing at a total cost of Rs 184.5 crore. The debt of Rs 103.7 crore is fully tied up under technology upgradation fund scheme.

Besides this pre-IPO equity participation, Exim Bank has also sanctioned a term loan of Rs 25 crore for the expansion project.

SEL Manufacturing had reported a net profit of Rs 23.60 crore on sales of Rs 187.47 crore in the year ended March 2007.