Shares of engineered fabric manufacturer Kusumgar Ltd made a strong debut on bourses on Wednesday, July 15, 2206 and got listed at a 37 per cent premium over the issue price of Rs 419. The stock opened at Rs 574 on the BSE, up 36.99 per cent from the issue price. It later surged to hit the high of Rs 620 apiece. Last seen, it was trading at Rs 611.20 with a gain of Rs 37.20 or 6.48 per cent, and the market cap of the company stood at Rs 6,399.75. In between, the scrip touched a low of Rs 567.95.
On the National Stock Exchange (NSE), Kusumgar’s shares made a debut at Rs 569, registering a jump of 35.79 per cent. In the intraday session, the stock climbed 42.67 per cent to hit a high of Rs 597.80. The stock witnessed profit booking and briefly touched a low of Rs 568.15.
Received whopping 128.85 times subscription
Earlier, the initial public offering received a whopping 128.85 times subscription on the closing day of bidding on Friday, driven by strong response from Qualified Institutional Buyers (QIBs). According to data available on the National Stock Exchange, the Rs 650-crore IPO attracted bids for 1,47,76,17,435 shares against 1,14,68,094 shares on offer.
The portion reserved for QIBs was subscribed a massive 284.10 times. The category for non-institutional investors was booked 165.46 times, and the retail investors subscribed their quota 26.47 times.
Founded in 1990, Kusumgar Ltd manufactures woven, coated and laminated synthetic fabrics, known as engineered fabrics.
