Shankara Building Products (SBPL) listed at Rs 555 on the National Stock Exchange (NSE), a 21% premium against its issue price of Rs 460. The stock hit a high of Rs 582, up 27% against its issue price, after few minutes of its listing.
On the BSE, the stock opened at Rs 545, an 18% higher against its issue price.
At 10:06 am; the stock was trading at Rs 576 on the NSE. A combined 6.24 million shares changed hands on the counter on BSE and NSE so far.
The retailer of home improvement and building products has raised Rs 345 crore through initial public offer (IPO), which got a strong response from all types of investors. The IPO was subscribed 41.88 times from March 22 to March 24. The company has fixed the IPO price at upper limit of price band of Rs 440-460 per share.
The IPO received 221.74 million bids, against 5.29 million shares on offer. The portion for qualified institutional buyers (QIBs) was subscribed 51.62 times, while the high net worth individual quota was subscribed 90.68 times. The retail investors’ category was subscribed 15.35 times.
SBPL is one of India's leading organised retailers of home improvement and building products in India, based on number of stores operating under "Shankara Buildpro".
Shankara offers a comprehensive range of products including cement, structural steel, TMT bars, hollow blocks, pipes & tubes, roofing solutions, tiles, sanitary ware, water tanks, plywood, kitchen sinks, lighting and other allied products.
Considering the company’s strong retail presence, diversified product offering, substantial same store sales growth (last five years average growth is 23%) and robust retail revenue of around 29% over FY2012-16, analyst at Angel Broking expect that SBPL to witness higher revenues from its retail business going ahead.
On the BSE, the stock opened at Rs 545, an 18% higher against its issue price.
At 10:06 am; the stock was trading at Rs 576 on the NSE. A combined 6.24 million shares changed hands on the counter on BSE and NSE so far.
The retailer of home improvement and building products has raised Rs 345 crore through initial public offer (IPO), which got a strong response from all types of investors. The IPO was subscribed 41.88 times from March 22 to March 24. The company has fixed the IPO price at upper limit of price band of Rs 440-460 per share.
The IPO received 221.74 million bids, against 5.29 million shares on offer. The portion for qualified institutional buyers (QIBs) was subscribed 51.62 times, while the high net worth individual quota was subscribed 90.68 times. The retail investors’ category was subscribed 15.35 times.
SBPL is one of India's leading organised retailers of home improvement and building products in India, based on number of stores operating under "Shankara Buildpro".
Shankara offers a comprehensive range of products including cement, structural steel, TMT bars, hollow blocks, pipes & tubes, roofing solutions, tiles, sanitary ware, water tanks, plywood, kitchen sinks, lighting and other allied products.
Considering the company’s strong retail presence, diversified product offering, substantial same store sales growth (last five years average growth is 23%) and robust retail revenue of around 29% over FY2012-16, analyst at Angel Broking expect that SBPL to witness higher revenues from its retail business going ahead.
