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Making their debut on the Bombay Stock Exchange, shares of Yash Birla Group company Birla Pacific Medspa surged by as much as 48 per cent vis-a-vis their issue price after opening at a premium this morning.
The scrip opened on a positive note at Rs 10.10 and within minutes of listing touched a high of Rs 14.80 on BSE, up 48 per cent from its issue price of Rs 10. It was later trading at Rs 12.55 at 10.27 a.m. on BSE.
The stock witnessed good trading activity, with over 3.50 crore shares changing hands on the bourse in early morning trade.
The IPO, through which the company mopped up Rs 65 crore, was subscribed 1.18 times. The QIB portion was subscribed 1.04 times, while the portion reserved for retail investors got subscribed 1.82 times.
Out of the proceeds of the IPO, the company proposes 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.
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