New Delhi, Dec 27 (PTI) Shares of Transrail Lighting Ltd surged nearly 37 per cent on the first day of trading on Friday against the issue price of Rs 432.

The stock listed at Rs 585.15, reflecting a jump of 35.45 per cent from the issue price on the BSE. Later in the trade, it soared 39.81 per cent to Rs 604.

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Shares of the firm started the day at Rs 590, surging 36.57 per cent at the NSE.

The firm commanded a market valuation of Rs 7,757.31 crore.

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The initial public offering (IPO) of Transrail Lighting received 80.80 times subscription on the last day of the share sale on Monday.

Transrail Lighting's Rs 839-crore initial share sale had a price band of Rs 410-432 per share.

The company's IPO had a combination of a fresh issue of shares worth Rs 400 crore and an Offer-for-Sale of 1.01 crore equity shares by promoter Ajanma Holdings Pvt Ltd.

Proceeds from the fresh issue will be used to fund incremental working capital requirements, to support capital expenditure and for general corporate purposes.

Transrail Lighting is one of the leading Indian engineering, procurement and construction (EPC) companies with a primary focus on the power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles.

It has a footprint in more than 58 countries.

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