Mumbai: Shares of real estate developer Omaxe Ltd debuted at Rs400 on 9 August on the BSE, up 29% from the issue price of Rs310.
The shares were trading at Rs400 at 9:56am after touching a high of Rs410.
Omaxe had priced the 17.8-million shares initial public offer at the upper end of the Rs265-310 price band after the issue was oversubscribed nearly 68 times.
The company, which operates primarily in north India, plans to use the money to part-fund land acquisition for development and repay debt.
Omaxe reported a consolidated profit after tax of Rs260 crore and a total income of Rs1,440 crore in the year to March 2007.