Laxmi Organic Industries shares made a strong debut on bourses, in an otherwise weak broader market, while Craftsman Automation started on weak note in line with BSE benchmark Sensex which was down 1 per cent.
Shares of Laxmi Organic Industries made a decent opening on stock exchanges on Thursday, listing at Rs 156.20, a 20 per cent premium over its issue price of Rs 130 per share on the BSE. In a similar trend, the stock opened 20 per cent higher at Rs 155.50 on the National Stock Exchange (NSE).
Extending opening gains, Laxmi Organic shares were trading 25.46 per cent higher against issue price at Rs 163.10 on the BSE. The stock was up 4.61 per cent as against opening price of Rs 156.20. The shares hit intraday high and low of Rs 163.80 and Rs 143 in trade so far. On the volume front, 30.43 lakh shares have changed hands over the counter on BSE, while market cap surged to Rs 4,288.48 crore.
On the other hand, Craftsman Automation share price kicked off trade on domestic bourses on weak note, listing at Rs 1,350, a 9 per cent discount over its issue price of Rs 1,490 per share on the BSE. On the NSE, the stock debuted 8.8 per cent lower at Rs 1,359 compared to issue price. Following the listing, the stock hit high and low of Rs 1487.80 and Rs 1,349.20. As much as 1.04 lakh shares were traded on BSE, while market cap stood at Rs 3,079.03 crore.
Laxmi Organic received overwhelming response for its Rs 600 crore initial public offering (IPO). The three-day IPO of the speciality chemicals manufacturer, which closed on March 15, was subscribed 106.81 times. The price band was fixed at Rs 129-130 per share. The issue comprises of a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore by promoter Yellow Stone Trust. Ahead of IPO, the company had raised garnered Rs 180 crore from anchor investors.
Meanwhile, the Rs 824 crore IPO of Craftsman Automation was subscribed 3.81 times. The auto component makers IPO comprised a fresh issue of Rs 150 crore and an offer for sale of 45,21,450 equity shares. The price band for the issue was Rs 1,488-1,490 per share. Ahead of IPO, the company had raised a little over Rs 247 crore from anchor investors.
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