ENA MSME 2024-09-05 15:26:55 <p><span style="font-size:14px"><strong>New Delhi, Sep 5 (KNN)</strong> In a robust market debut, shares of Travels &amp; Rentals commenced trading on the Bombay Stock Exchange (BSE) at a significant premium to their initial public offering (IPO) price.</span></p> <p><span style="font-size:14px">The stock opened at Rs 55, marking a 37.50 per cent increase from its IPO price of Rs 40 per share.</span></p> <p><span style="font-size:14px">As of the latest trading session, the shares were changing hands at Rs 57.75, representing a 44.38 per cent premium over the issue price.</span></p> <p><span style="font-size:14px">The stock reached its upper circuit limit of 5 per cent above the listing price, with trading activity frozen at this level.</span></p> <p><span style="font-size:14px">Throughout the session, the stock witnessed a trading range between Rs 52.25 and Rs 57.75. Market participation was notable, with approximately 19.98 lakh shares exchanging ownership.</span></p> <p><span style="font-size:14px">The company's IPO, which concluded on September 2, 2024, after opening on August 29, 2024, saw overwhelming investor interest.</span></p> <p><span style="font-size:14px">The issue was oversubscribed by 578.15 times, indicating strong market confidence in the company's prospects.</span></p> <p><span style="font-size:14px">The public offering comprised a fresh issue of 30,60,000 shares. Following the IPO, the promoter and promoter group's stake in the company has been reduced to 62.86 per cent from the pre-IPO level of 86.48 per cent.</span></p> <p><span style="font-size:14px">Travels &amp; Rentals has earmarked the net proceeds from the IPO for working capital requirements and general corporate purposes.</span></p> <p><span style="font-size:14px">The company offers a wide array of travel-related products and services, including airline tickets, hotel bookings, tour packages, rail tickets, and ancillary services such as travel insurance and visa processing.</span></p> <p><span style="font-size:14px">As of March 31, 2024, the company reported a workforce of 58 employees.</span></p> <p><span style="font-size:14px">For the fiscal year ending on the same date, Travels &amp; Rentals posted revenue from operations of Rs 7.52 crore and a net profit of Rs 2.96 crore.</span></p> <p><span style="font-size:14px">The strong market response to Travels &amp; Rentals' IPO and its subsequent performance on listing day reflect investor optimism about the company's business model and growth prospects in the travel sector.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39173 https://knnindia.co.in/news/newsdetails/msme/travels-rentals-stock-soars-3750-on-bse-debut 2024-09-05 15:26:55 knnindia.co.in