Blockbuster debut for Shankara Building; shares jump 38%

Shankara Building Products made a stellar debut on the bourses today and ended with a sharp gain of nearly 38 per cent over the issue price of Rs 460.
The shares listed at Rs 555.05 on the National Stock Exchange (NSE), registering a growth of 20.66 per cent over the initial public offering price of Rs 460. The stock finally settled at Rs 634, up 37.82 over the issue price.
On the BSE, the stock opened at Rs 545, up 18.47 per cent over the issue price. The scrip closed 37.57 per cent higher at Rs 632.80. During the intra-day trade, the stock had touched a high of Rs 638.

The strong start comes after the Rs 350-crore IPO, which was opened between March 22 and March 24, received robust response as investors subscribed the issue more than 41 times of the issue size.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 51.62 times and that of non-institutional investors 90.68 times. The retail investor category witnessed a subscription of 15.35 times.
The IPO comprised fresh issue of shares worth Rs 45 crore and an offer for sale of little over 65 lakh shares. The price band of the public offer was at Rs 440-460 per share.
The Bengaluru-based company is an organised retailer of home improvement and building products in India.