Shankara Building Products was trading at Rs 622.60 at 11:15 IST on BSE, at a premium of 35.35% to its offer price of Rs 460 on its debut on the bourses today, 5 April 2017.
Meanwhile, the S&P BSE Sensex was down 7.55 points, or 0.03%, to 29,902.67. The S&P BSE Small-Cap index was up 142.39 points, or 0.97%, to 14,762.62.
Shares of Shankara Building Products made a debut at Rs 545, at a premium of 18.47%, to its offer price of Rs 460. The stock had hit a high of Rs 629.20 and low of Rs 545 so far during the day. On the BSE, 27.08 lakh shares were traded on the counter,
The initial public offer (IPO) of Shankara Building Products had received strong response from investors. The IPO had received bids for 22.17 crore shares compared to 52.94 lakh shares on offer. The IPO was subscribed 41.88 times. The IPO had opened on 22 March 2017 and closed on 24 March 2017. The issue price was fixed at top end of the price band of Rs 440 to Rs 460 per share.
The qualified institutional buyers (QIBs) category was subscribed 51.62 times. The non institutional investors category, made up of high net-worth individuals, was subscribed 90.68 times. The retail individual investors (RIIs) category was subscribed 15.35 times.
The small-cap company has equity capital of Rs 22.85 crore. Face value per share is Rs 10.
Shankara Building Products reported consolidated net profit of Rs 41.60 crore on net sales of Rs 1709.80 crore in the nine months ended 31 December 2016.
Shankara Building Products is one of the leading organized retailers of home improvement and building products in India, operating under the trade name, Shankara BuildPro, since the past two decades.
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