Gujarat-based Kraft Paper manufacturer made its debut on the exchanges with huge gains of 130% against the issue price of Rs. 50. On the NSE, the stock listed at Rs. 115 while on the BSE the scrip listed at Rs. 114, a premium of 128% to the issue price.
Rs. 70 crore IPO issue received overwhelming response and was oversubscribed 243.20 times as on the last bidding day.
The data available with the NSE showed that the Astron Paper's IPO received bids for 3,40,48,47,040 shares as against the size of 1,40,00,000 shares. The quote reserved for qualified institutional buyers or QIBs got oversubscribed 103.36 times, non-institutional investor category 397 times and retail investors 76.26 times.
Pantomath Capital Advisors Private Limited is the lead manager to the IPO issue.
After the issue, stake of four of the company's promoters will be reduced from the earlier 66% to 46%
The proceeds of the IPO issue are to be used towards setting up a new facility for manufacturing Kraft paper, repaying unsecured loan, providing for company's working capital and other general corporate activities.
The scrip extends its listing gains and was last trading at Rs. 119.7 and Rs. 120.6 on the BSE and NSE respectively.