Mumbai, Jan. 13: It could well become one of the best new listings in recent times.

Educomp Solutions Ltd, which provides technology-enabled education solutions and services, today made a strong debut on the stock market when its share prices soared by around 128 per cent.

As against the issue price of Rs 125 per share, Educomp opened on a strong note at Rs 185.30 on the BSE. Thereafter, it climbed to an intra-day high of Rs 314.90, a gain of around 152 per cent over its issue price. The scrip finished at Rs 285.35, providing a return of 128 per cent to investors who bought the scrip during the IPO.

Educomp was the top-traded counter in the B1 category with 131.15 lakh shares being transacted, resulting in a turnover of Rs 333.97 crore. It was not on the BSE alone where it sparkled. On the NSE, the share opened at Rs 155 and shot up to an intra-day high of Rs 300 and thereafter ended the day at Rs 284.05, a gain of 127 per cent over the issue price.

The company entered the capital market on December 19 with an IPO of 4 million equity shares with a price band of Rs 110-Rs125 apiece.

The issue, which closed on December 22, was subscribed 34.96 times. The issue constituted 25.06 per cent of the fully diluted post-issue paid-up capital of the company. At the upper end of the band, the company mobilised Rs 50 crore.

The funds raised from the IPO were to be utilised in various areas.

Apart from an overseas acquisition, Educomp plans to spend on education content development for the US and the Southeast Asian market and on the expansion of the domestic education business.

Educomp is among the leading players in executing turnkey infrastructure projects for schools and it offers teacher-assisted multimedia content to schools through its Smart Class programme.