Shares of Prabhat Dairy, an integrated milk and dairy products company, gained strength by rising over one per cent after debuting below its issue price of Rs 115.
After listing at Rs 115, the stock touched a high of Rs 120 and a low of Rs 112.40 during the day on the BSE. It finally ended at Rs 116.35, up 1.17 per cent over the issue price.
On NSE, shares of the company ended at Rs 115.95, registering a gain of 0.82 per cent. Earlier in the day, the stock had debuted at Rs 113, down 1.73 per cent.
The company commands a market valuation of Rs 1,136.46 crore.
On the volume front, 22.26 lakh shares of the company changed hands at BSE and over 65 lakh shares were traded at NSE during the day.
The company's initial public offer (IPO), which was opened for subscription during August 28-September 4, had managed to sail through after lowering the price band to Rs 115-126 from Rs 140-147 a share.
Earlier this month, Prabhat Dairy had successfully concluded its IPO comprising a fresh issue aggregating up to Rs 300 crore and an offer for sale of up to 1.47 crore shares.
The proceeds from the fresh issue would be used for repayment of loans, capital expenditure and general corporate purpose.
