The stock of kraft paper manufacturer Astron Paper and Board Mills listed at a hefty 130% premium on the BSE and NSE today. The Astron Paper stock made its market debut on NSE at Rs 115, a premium of 130% over its issue price of Rs 50.
On the BSE, the stock opened at 114 and hit an intra-day high of 119.70 , translating into gain of nearly 140 percent over issue price. The IPO was open for subscription from December 15 to December 20, 2017 in a price band of Rs 45 to Rs 50 per share.The Stock closed 139 percent or 69.70 points higher than the issue price on the BSE.
It was subscribed 243.20 times on the last day of bidding.
The Rs 70-crore IPO received bids for 3,40,48,47,040 shares against the total issue size of 1,40,00,000 shares, data available with the NSE showed.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 103.36 times, non institutional investors 396.99 times and retail investors 76.26 times, merchant banking sources said.
Pantomath Capital Advisors Private Limited is the book running lead manager to the offer. The equity shares of the company are proposed to be listed on the NSE and BSE.
Incorporated in 2010, Astron Paper and Board Mills' is engaged in manufacturing of kraft paper. The company has manufacturing facility in Gujarat.
The company mainly caters to packaging industry and has been able to develop a loyal clientele network consisting of various packaging companies and MNCs
It is one of the major kraft paper manufacturers in Gujarat with manufacturing facility having an installed capacity of 96,000 mt tonnes per annum.
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