Shares of auto component maker GNA Axles today surged more than 18 per cent on its debut on the bourses and finally settled at Rs 245.15, up 18.45 per cent over the issue price on BSE.
The stock had a stronger listing on the stock exchanges and got listed with a premium of 20 per cent on BSE and 22 per cent on NSE.
During the day the stock surged over 25.60 per cent to touch an intra-day high of Rs 260 on BSE and jumped over 26.45 per cent to a high of Rs 261.80 on NSE.
The auto component maker's market capitalisation stands at over Rs 526 crore.
GNA Axles' Rs 130-crore IPO was oversubscribed nearly 55 times during September 14-16. The company had fixed the price band at Rs 205-207 per share for the offer.
The portion reserved for qualified institutional buyers (QIBs) was oversubscribed 17.18 times, while that of the non institutional investors category by a whopping 217.47 times.
Retail investors' category was subscribed 11.84 times.
The company proposes to utilise the proceeds of the issue for purchase of plant and machinery, meet working capital requirements and other general corporate purposes.
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