Mumbai, Nov 16 (PTI) Shares of fragrance maker S H Kelkar and Co made a strong debut at the bourses today, surging more than 24 per cent over the issue price of Rs 180 per share.
The stock listed at Rs 222, reflecting a jump of 23.33 per cent compared with the issue price on BSE. It touched a high of Rs 222.70 and a low of Rs 202.80.
At the NSE, the stock debuted at Rs 223.70, a sharp gain of 24.27 per cent over the issue price. The company commands a market valuation of Rs 2,937.25 crore.
The firm's Rs 500-crore initial public offer(IPO) which closed last month received an overwhelming response from investors and was oversubscribed 27.08 times.
This was the fourth IPO this year, after VRL Logistics, Power Mech Projects and Syngene International, to receive such a strong response in terms of subscription. The price band for the IPO was fixed at Rs 173-180 per share. S H Kelkar is the third company after InterGlobe Aviation and Coffee Day Enterprises to make its stock market debut this month.
Shares of IndiGo's parent company InterGlobe Aviation made a remarkable debut on the bourses last week, surging nearly 15 per cent, over the issue price of Rs 765 per share. The stock is at present quoting Rs 1,001.95.
In contrast, Coffee Day Enterprises, which runs Cafe Coffee Day outlets, made a sluggish debut on the exchanges earlier this month. The company is trading at Rs 262.65, way below its issue price of Rs 328.