Nitin Fire Protection Industries (NFPIL) today debuted on the Bombay Stock Exchange (BSE) at Rs 332.50, a premium of 75% over its issue price of Rs 190.Within minutes of listing the scrip touched a high of Rs 483 and over 18.78 lakh shares exchanged hands on the bourse.The scrip last traded at Rs 457.10 on the BSE.Nitin Fire entered the bourses with over 1.26 crore equity shares and proposes to utilise the proceeds of the issue to fund its expansion plans at Visakhapatnam special economic zone (SEZ).The company is setting up a second cylinder plant in the SEZ as most of the construction material is being imported. The unit will also benefit from duty-free supply of fuels in the zone, G K Shahi, director, NFPIL had said while announcing the IPO.The plant's first phase to produce 2.5 lakh cylinders has begun production.
