Barak Valley lists at 50% premium on NSE

North-east based cement manufacturer, Barak Valley Cements got listed at Rs 62.60 a share on the National Stock Exchange (NSE), a premium of 49.5% over the offer price of Rs 42 a share.

The scrip soared to an intraday high of Rs 67 a share and a low of Rs 55.60 a share.

On the Bombay Stock Exchange, the scrip touched a high of Rs 72 a share.

Over 29.5 lakh shares of Barak Valley Cements changed hands at the NSE in morning trades. At 1020 hrs, the scrip was trading at Rs 57.20 a share at the NSE.

The company had come out with an initial public offer of 56.6 lakh shares, priced at Rs 42 a share. The IPO was subscribed around 29 times. The funds raised would be used to expand clinkerisation and cement grinding capacities and make an investment for setting up a biomass-based power project in the north-eastern state of Assam.