Vedanta Oil & Gas shares debuted at Rs 39 apiece after a special pre-open session on BSE on Monday, as Vedanta wrapped up its mega demerger with four new listings.

Vedanta Oil and Gas shares listed on NSE at Rs 38 apiece. The company’s market capitalisation at the time of debut stood at Rs 14,859.47 crore.

Vedanta Oil and Gas was expected to command a fair value of Rs 42 per share, as per Sunny Agrawal, Head of Fundamental Research at SBI Securities. Nuvama, meanwhile, expected the company to debut with a market capitalisation of Rs 15,824 crore.

Also read: Which demerged Vedanta stock should you buy after their market debut today?

Vedanta Oil & Gas claims to be India’s leading private sector upstream player, as it aims to scale up to 300,000 to 500,000 barrels per day with an investment of $5 billion. “A little over a decade ago, Cairn was valued at $14.5 billion. When we acquired Cairn, its market capitalisation was half of the asset value. Today, Cairn has grown manifold, adding more reserves as well as a natural gas portfolio,” the company had said in a press release earlier this year.

Vedanta in May said its average gross operated production for the full year stood at 87.2 kboepd. According to Sunny Agrawal, Head of Fundamental Research at SBI Securities, Vedanta Oil & Gas commands a fair value of Rs 42 per share.

Also read: Vedanta Aluminium, Power, Oil & Gas, Iron & Steel share trading starts today. Target price and what else to expect

The four new listings on Dalal Street conclude what is one of the biggest corporate restructurings in India’s metals and mining space. The Anil Agarwal-led conglomerate announced in April that each eligible shareholder will get one share in each of the four companies, namely Vedanta Aluminium, Vedanta Power, Vedanta Oil & Gas and Vedanta Iron & Steel, for every Vedanta share held on the record date.

Vedanta had set May 1 as the record date for the much-awaited demerger. While Vedanta shares have already adjusted to the restructuring, investors were actively awaiting the listing of the four companies that spun out of it. The stocks will initially be placed in the Trade-to-Trade (T2T) segment, where every transaction results in compulsory delivery.

Also read: How will the mega Vedanta demerger impact dividend payouts for shareholders?