Varun Inds lists at 75% premium

Varun Industries, an exporter of stainless steel kitchenware and houseware items, debuted on the NSE today at a price of Rs 105, a premium of  75% over the issue price of Rs 60.

The company had come up with an initial public offer of 90 lakh equity shares with an issue price of Rs 60. IDBI Capital market Services was lead manager to the issue.

On BSE also, it opened at Rs 105 per share. The share price of Varun Industries touched a high of Rs 150 and a low of Rs 99 on BSE. At 1100 hrs, the stock was trading at Rs 105.

The company plans to use the proceeds from IPO to meet the expenditure for brand building in the domestic market and to meet working capital requirements. Crisil had assigned an IPO grade of 1/5 to the public issue of Varun Industries. It was subscribed nearly 40 times.