IT solutions provider Vishal Information Technologies today got listed on the National Stock Exchange with a discount of 13.33 per cent at Rs 130 over its issue price of Rs 150.
The scrip however gained strength and rallied ahead to touch an intra-day high of Rs 184.
The scrip was trading at Rs 176.40 and over 10.81 lakh shares exchanged hands on the NSE.
Similar movement was witnessed on the Bombay Stock Exchange, where the scrip of the company got listed at Rs 150, touched an intra-day high of Rs 185 and as many as 17.96 lakh shares got traded within minutes of its listing.
At 1027 hrs on the BSE, the scrip was trading at Rs 175.50.
The proceeds would be utilised for expanding Vishal Info's existing services and entering new verticals. Besides, increasing data digitalisation seats from the present 250 to 450, e-publishing seats from 150 to 250 and digital library seats from 75 to 100.
The proceeds would also be utilised for setting up of subsidiaries in UK and US.
The company currently operates from leased facilities in Chennai and Mumbai.