Trimming early gains, shares of textbooks publisher S Chand and Company ended nearly one per cent higher over the issue price of Rs 670 in its debut trade on Tuesday.
After listing at Rs 707, up 5.52 per cent, the stock gave up most of its initial gains and ended at Rs 675.8, a gain of 0.87 pr cent on BSE. During the day, it touched a high of Rs 707 and a low of Rs 658.
On National Stock Exchange (NSE), the company's stock went up 0.9 per cent to settle at Rs 676. It commands a market valuation of Rs 2,344.88 crore on BSE. On the volume front, 2,226,000 shares of the company were traded on BSE and over 10 million shares changed hands on NSE during the day.
The price band for the offer, open from April 26-28, was set at Rs 660-670 a share.
The IPO saw solid investor demand and was oversubscribed 59.49 times. The portion for qualified institutional buyers (QIBs) was oversubscribed 44.27 times and that of non- institutional investors a staggering 204.65 times.
Retail investors category was also oversubscribed 6.07 times. JM Financial Institutional Securities, Axis Capital and Credit Suisse Securities (India) Pvt were the merchant bankers to the offer.
Last year, the company had acquired 74 per cent of the outstanding share capital of Chhaya Prakashani Pvt.
The company offers 53 consumer brands across knowledge products and services, including S Chand, Vikas, Madhubun, Saraswati, Destination Success and Ignitor.