C Mahendra Exports debuts at Rs 111 on BSE

PTI Mumbai | Updated on January 20, 2011

Diamond jewellery maker C Mahendra Exports on Thursday listed at Rs 111 on the Bombay Stock Exchange, marginally higher by 0.90 per cent over the issue price.

Within minutes of trade, the scrip surged to an early high of Rs 120.90 on BSE, higher by 9.9 per cent compared with the issue price of Rs 110 apiece.

The company had a relatively better debut on the National Stock Exchange, with the counter opening at Rs 114, reflecting a premium of 3.63 per cent over its issue price.

C Mahendra Exports had priced its initial public offer at Rs 110 a share — the top end of the Rs 95-110 price band.

The IPO was subscribed 2.78 times on the final day of the issue. The company has raised about Rs 165 crore through its IPO, a part of which it plans to use to set up a diamond processing unit in Gujarat and a jewellery manufacturing unit in Mumbai.

Published on January 20, 2011

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