Business process outsourcing firm Excel Infoways today got listed at a premium of over 9 per cent over its issue price of Rs 85 on the Bombay Stock Exchange (BSE).
The scrip opened with a premium of 9.47 per cent at Rs 93.05 on the BSE and during the day and surged to a high of Rs 101.25, up 19.12 per cent over the issue price.
The company, which came out with an IPO of 56.67 lakh shares last month, had garnered demand for nearly two times the shares on offer.
The company listed 2,11,68,779 shares on the bourses.
On the National Stock Exchange (NSE), the scrip got listed at Rs 86. It touched a high of Rs 110, up 29.41 per cent over the issue price. Over 1.49 crore shares changed hands on both the bourses.
Excel is expanding operations with two new facilities in the state with an aggregate seating capacity of 300 seats. The cost of these projects is estimated at Rs 47.28 crore (to be funded by Rs 27 crore of IPO proceeds and balance through cash generation from operations).
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Excel is also planning to utilize Rs 30 crore of the issue proceeds for strategic investments and overseas acquisitions.
In the afternoon trade the scrip was quoting at Rs 99 on both the BSE and NSE.