Zylog lists at 59% premium on NSE in weak mkt

IT solutions and services provider Zylog Systems was listed at Rs 557 on the National Stock Exchange (NSE) - a premium of 59% over the issue price of Rs 350 per share.

The shares were trading around Rs 440 in noon deals, and over 57.5 lakh shares had changed hands on the NSE.

On the Bombay Stock Exchange (BSE), the scrip opened at Rs 525, and over 37 lakh shares have changed hands till noon. 

Zylog had come out with an initial public offering of 36 lakh shares priced in a band of Rs 330-350 per share. The company will utilise the issue proceeds to set up two offshore development centres (ODCs), fund acquisitions and strategic investments and meet working capital requirement.