Comments
Apparel-maker Sudar Garments made a strong debut on the National Stock Exchange today, opening at a premium of nearly 4 per cent vis-a-vis its issue price of Rs 77.
Shares of the apparel manufacturer debuted at Rs 80.05 apiece, up 3.96 per cent from their issue price on the NSE.
Within minutes of trade, the scrip jumped by 17.79 per cent to an early high of Rs 90.70.
In contrast, the stock made a weak opening on the Bombay Stock Exchange and fell by 3.89 per cent after debuting at Rs 74.
However, the stock soon saw buying interest and zoomed up by 17.85 per cent to touch an early peak of Rs 90.75 on the BSE.
The company had fixed a price band of Rs 72-77 a share for its Rs 70 crore initial public offer.
The funds raised through the IPO will be used for expansion of the company’s existing apparel manufacturing unit at Khalapur, Maharashtra, besides working capital requirements, setting up retail outlets and brand building.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.