S Chand and Company Limited shares are witnessing listless movements on debut.
The stock opened at Rs 700 on the National Stock Exchange and declined to Rs 658.20 subsequently. At present, it is around Rs 676, up nearly 1% from the IPO price. On BSE, the stock is trading at Rs 675 now, up 0.8% from issue price. Earlier, after advancing to Rs 707, it had declined to Rs 658.
On the National Stock Exchange, the S Chand counter has clocked a volume of over 5.7 million shares so far in the session. On BSE, nearly one million shares have changed hands so far at the counter.
The IPO from textbook publisher S Chand and Company evoked pretty good response from investors and was oversubscribed almost 60 times. Prior to mopping up nearly Rs 730 crore through the issue, the company had raised Rs 219 crore from anchor investors. The IPO was priced at Rs 660 - 670 a share.
S Chand plans to repay debt of Rs 256 crore from the IPO proceeds and further working towards integration of Chhaya Prakashani in FY18.
S Chand, a renowned name in the publishing business, has noticeable presence in CBSE and ICSE affiliated schools. With 53 consumer brands across knowledge products and services and a strong sales team that comprises of around 700 professionals working in close to 60 branches across the country, a big chunk of the company's revenues come from K-12 eduction contents.
For financial year ended March 2016, S Chand and Company reported a 33.48% compounded annual growth in consolidate net profit. Revenues stood at Rs 540.62 crore last year.
