Shares in Prabhat Dairy listed 3 per cent above its offer price to retail investors. The shares were last trading at Rs 117 on the National Stock Exchange.
The company which came out with an IPO when markets suddenly collapsed had to reduce its IPO price. The company cut the IPO price band to Rs 115 and Rs 126, compared to the earlier band of Rs 140 and Rs 147. The public issue was also extended by the company.
Many investors had shunned the public issue citing poor margins. However, the company would be paying off debt in the coming years, through the IPO which should boost margins in the coming years.