The scrip opened at Rs 185, touched an intra-day high of Rs 190 and a low of Rs 169.70. Over 20.57 lakh shares changed hands in the first few minutes of trade.
The company listed over 1.03 crore shares on the bourse. The scrip was later trading at Rs 190.80 at 1008 hrs.
It had raised about Rs 61.45 crore from its initial public offer, which got subscribed 1.74 times. The company fixed its issue price at the upper end of its price band.
Niraj Cements would utilise the issue proceeds to fund its capital equipment requirement and meet working capital needs.
