The scrip's issue price was Rs 10, it opened at Rs 10.10 and touched a high of Rs 14.80 within an hour. At 1.00 p.m. the stock was trading for Rs 23.55 on the BSE.
It even witness a good trading activity with over 3.5 crore shares changing hands on early morning.
The Birla Pacific Medspa IPO garnered Rs 65 crore, and was subscribed 1.18 times. The qualified institutional buyer (QIB) portion was subscribed 1.04 times. Meanwhile retail investors subscribed the IPO 1.82 times.
Of the total proceeds from the IPO, the company intends to utilise Rs 49 crore for establishing 55 'Evolve' outlets, around Rs 6 crore for brand building and the balance for meeting working capital, issue and other preliminary expenses.
The company is considering locations in Delhi, Bangalore, Ahmedabad, Pune, Chennai, Hyderabad, Jaipur and Goa for the centres, among other cities.
The company is a healthcare start-up backed by Bennett, Coleman & Co Ltd (BCCL). Ad-for-equity media investor BCCL, owns 22.81% stake in Birla Pacific, has made profit at current price. BCCL had subscribed shares last year at Rs 14 per scrip.
Birla Pacific Medspa is in the business of beauty and healthcare treatment, it also operates health and fitness centres under the brand name Evolve. Currently it has five centres in Mumbai and two more on franchise basis at Thane and Chennai.
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