Shankara Building Products made a strong debut on the bourses with its shares listing at Rs 555.05 on the NSE, a 20.66 per cent premium over the issue price.
On the NSE, the shares opened at Rs 555.05 apiece compared to the initial public offering price of Rs 460. Later it touched an intra-day high of Rs 629.90, up 37 per cent over the issue price.
On the BSE, the stock opened at Rs 545, up 18.5 per cent over the issue price. During intra-day, it touched a high of Rs 629.20.
The strong start comes after the Rs 350-crore IPO, which was opened between March 22 and March 24, received robust response.
The IPO was oversubscribed more than 41 times of the issue size.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 51.62 times, while that for non-institutional investor segment was 90.68 times. The retail investor category witnessed a subscription of 15.35 times.
The IPO comprised fresh issue of shares worth Rs 45 crore and an offer for sale of little over 65 lakh shares. Price band of the public offer was fixed at Rs 440-460 per share.
The Bengaluru-based company is an organised retailer of home improvement and building products in India.