The share price of Gujarat-based Rushil Decor, a manufacturer of decorative laminated sheets and plain particle board, rose 66 per cent on debut on the Bombay Stock Exchange (BSE). The stock closed at Rs 119.65 and with a market valuation of Rs 172 crore. The issue price was Rs 72.
The stock was listed at Rs 81.25 a piece, with a premium of 13 per cent over its issue price. The stock then rallied further to see an intra-day high of Rs 124.05, up 72.29 per cent over its issue price.
On the volume front, as well, good numbers were witnessed as 3.71 crore shares of the company changed hands on the BSE during the day.
The company tapped the capital market to raise funds for financing its new Rs 73 crore diversification project in Karnataka to produce medium density fibre board, which is expected to commence production in November this year. The proceeds of the issue will also be utilised to meet the company’s working capital margin requirements.
BIRLA MEDSPA RISES
The share price of Birla Pacific Medspa, a Yash Birla Group Company, rose one-and-a-half times on its debut.
The stock closed at Rs 25.35 on the Bombay Stock Exchange (BSE) against the issue price of Rs 10. The share had opened at Rs 10.10 on BSE.
The Company operates medical spa centres under the brand name Evolve.
PVR Murthy, Group Finance Director of Yash Birla Group sees FY12 sales at Rs 10 crore and profit after tax of Rs 1 crore. “Brand building exercise led to losses in the last few quarter,” he said.
Birla Pacific Medspa raised Rs 65 crore through an IPO of 65.2 million equity shares. The company will utilise Rs 49 crore for establishing 55 Evolve outlets, around Rs 6 crore for brand building and the balance for meeting working capital, issue and other preliminary expenses.
