Shares of traded at ₹123 level in mid-trading session after listing at a decent 19 per cent premium against the issue price of ₹105 on the BSE.
The stock debuted at 14.28 per cent premium on the NSE at ₹120 and at 19 per cent premium on the at ₹125. It traded 1.28 per cent lower on the BSE at ₹123.40 as at 11.54 am, hitting an intraday high of ₹130. On the NSE, the stock rose 2.79 per cent to ₹123.35 as at 11.55 am, hitting an intraday high of ₹126.
The ₹168-crore initial share sale of the company was booked 97.20 times on the closing day of bidding with strong participation from institutional investors.
The IPO had a price band of ₹95-105 per share.
The company intended to utilise ₹72.50 crore of the IPO proceeds towards funding capital requirements of the company, ₹17.95 crore for payment of debt, and the remaining capital for inorganic growth through unidentified acquisitions and other strategic initiatives, as well as for general corporate purposes.