Shares of Laser Power & Infra debuted on the NSE on Thursday, touching a day high of Rs 267.98 after heavy IPO demand.

Here is how the listing played out. On the NSE, the stock opened at Rs 250, a premium of nearly 17% over its issue price of Rs 214.

On the BSE, it did even better, debuting at Rs 269, a gain of close to 26%. At listing, the company was valued at close to Rs 3,776 crore.

This strong response was not really a surprise. The company’s initial public offering had been subscribed close to 39 times in total.

Big institutional investors led the charge, with that category alone subscribing nearly 92 times its allotted portion.

Non-institutional investors followed with over 43 times demand, while retail investors booked their share around 6.59 times.

The Rs 742 crore issue was a mix of fresh shares worth Rs 542 crore and an offer for sale worth Rs 200 crore by the company’s promoters, Deepak Goel, Rakhi Goel and Devesh Goel.

Of the fresh issue proceeds, around Rs 490 crore is earmarked for paying off existing borrowings, with the remaining funds set aside for general corporate needs.

Laser Power & Infra makes power cables, conductors and other equipment used in electricity transmission and distribution.

Beyond manufacturing, the company also takes on full scale infrastructure projects, covering rural electrification, substations and transmission lines across the country.

Ahead of the listing, the company had also raised around Rs 223 crore from anchor investors.

At 10:22 am on Thursday, the stock was trading at Rs 263.50 on the NSE, up 5.40% from its opening price and well above its issue price.

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