B L Kashyap makes a sizzling debut at Rs 750

IPO surge this year witnessed three new listings on the bourses on Friday, all at a premium. While the star of the day was the construction firm B L Kashyap & Sons which ended the day nearly Rs 300 above its issue price of Rs 685, others- M & M Financial and Visa Steel, too managed slight gains.

Kashyap & Sons debuted at Rs 749.9 on BSE, at a premium of 9.47 per cent over the issue price of Rs. 685 but opened much stronger on the NSE later, at around Rs. 800.

The latter price was already 16.86 per cent higher than the issue price. This was the lowest price on Friday as it surged to hit a new high of Rs. 1036.9 before ending the day at Rs 973.25.

A huge 55 lakh shares were sold during the day. On the NSE too the price fluctuated between a high of Rs 1036.8 and a low of Rs. 800.5.

B L Kashyap's is a construction firm and undertakes turnkey residential and corporate projects.

The company provides furnishing and fittings fit-outs through its subsidiary BLK Furnishers.

The other major debutant on Friday, M & M Financial Services, listed 20.5 per cent over its offer price of Rs 200 on the BSE and at 12.5 per cent above the price on the NSE.

After fluctuating between a high of Rs 250 and a low of Rs 205.20, the scrip ended the day at Rs 233 on the BSE, Rs 33 above the offer price.

The BSE saw 9.5 million shares being traded while 20 million shares changed hands on the NSE.

The day also saw the stock touching a high of Rs 243 and a low of Rs 205.15 before the eventual close at Rs 231.

M & M Financial Services Ltd is involved in providing finance for utility vehicles ,tractors and cars both new and old, is a subsidary of Mahindra & Mahindra.

The third and most lack-lustre debut on Friday was made by Visa Steel which could hardly hold its head above water throughout the trading session.

After opening barely above its issue price of Rs 57 at Rs 58.90, it moved between a high of Rs 61.90 and a low of Rs 49.55 before closing at Rs 57.15 on the BSE. On the NSE too, the stock had a high of Rs 60.25 and a low of Rs 49.75, but closed at Rs 57.10.

The BSE reported 1.9 crore shares exchanging hands and the NSE, 2.3 crore.