Amber Enterprises stock soars over 37% in debut trade

Shares of Amber Enterprises, an air-conditioner maker, debuted with a sharp gain of over 37 per cent against the issue price of Rs 859.
The stock opened the day at Rs 1,180, reflecting a sharp gain of 37.36 per cent from the issue price on BSE.
At NSE, shares of the company listed at a premium of 36.78 per cent at Rs 1,175.
The Rs 600-crore initial public offering (IPO) of Amber Enterprises was subscribed more than 165 times.
The price band for the IPO was fixed at Rs 855-859 per share.
The company plans to use the proceeds for repayment and advance payment of certain loans and other general corporate purposes.

Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas managed the company's IPO.
Gurugram-based Amber Enterprises manufactures air- conditioners. Besides, it makes refrigerator components, water purifiers and washing machines.