Gravita India made a spectacular debut on the bourses on Tuesday, with shares of the metal producer opening 75% higher than their issue price of Rs 125 on the Bombay Stock Exchange (BSE).
Amid a volatile broader market, shares of Gravita India opened at Rs 218.75 on the BSE, translating into a whopping 75% premium over the issue price.
Within minutes of the opening bell, the scrip hit an early high of Rs 255, up 102% on the BSE.
The new-comer saw a similar uptrend on the National Stock Exchange (NSE), where it opened at Rs 201.10, up 60.88% over the issue price.
The initial public offer of Gravita India saw robust demand from investors and was over-subscribed 41.28 times by the end of the issue.
The Jaipur-based firm had raised Rs 45 crore through its IPO, the proceeds of which will be utilised to set-up additional manufacturing facilities at Jaipur and a new facility at Wada, Maharashtra, among other activities.
Gravita India is the flagship firm of the Gravita Group, which was established in 1992, and is engaged in the business of making lead metal through recycling and smelting processes, besides other lead products.