Marine Electricals (India) Ltd. debuts with 0.90% premium at Rs 66.60
11/10/2018 21:40
Marine Electricals (India) Ltd. makes a strong debut on the bourses with scrip got listed at Rs 66.60 on the Bombay Stock Exchange, a 0.90 per cent premium to its issue price of Rs 66.00. On the National Stock Exchange, the stock was listed at Rs 66.60.

The company, which raised 0.65 Cr from initial public offering, was subscribed 1.16 times, receiving bids for 75.35 lakhs shares against the total issue size of 64.96 lakhs shares.

The company, listed under ST Group Securities post its IPO, opened for subscription from Sep 28 to Oct 03.

Following a strong opening, the scrip touched an intraday high of Rs 66.90 and a low of Rs 66.50, before closing the session up by 0.90 per cent to its listing price at Rs 66.60 on the NSE.

The company anticipates using the proceeds of the issue for (a) Working Capital Requirements(b) General Corporate Purposes.

ARYAMAN FINANCIAL SERVICES LIMITED as lead managers & Bigshare Services Pvt. Ltd. is the registrar, to the issue.

Meanwhile, the broader benchmark NSE Nifty closed trade at 10,234.65, down 225.45 points, or 2.15 per cent.