Mumbai: Apparel manufacturer and retailer Koutons Retail on Friday got listed at Rs515 on the Bombay Stock exchange with a premium of 24.09% over its issue price of Rs415.
Within minutes of listing the scrip of the company touched a high of Rs649 and 8.04 lakh shares exchanged hands on BSE.
On the National Stock Exchange the company got listed at Rs510.05 and hit a high of Rs620. Here over 19.42 lakh shares were traded.
The scrip later parted with some initial gains and was trading at Rs604 on BSE and at Rs602.10 on NSE at 10.01 am.
The company got listed with over three crore shares at an issue price of Rs415 a share.
Koutons received an overwhelming response for its initial public offer and was subscribed over 45 times. The company, an integrated apparel manufacturing and retail firm, had entered the capital market with its IPO of 35.24 lakh equity shares of Rs10 each at a price band of Rs370-415 per share.
Koutons plans to use the IPO proceeds to open more retail outlets and set up a manufacturing plant.
The company is one of the top players in the branded apparel segment in the country and has 999 outlets. It designs, makes and retails apparel under Koutons and Charlie Outlaw brands.
The company plans to open 140 more outlets the next few years.