Mumbai: Shares of Astral Poly Technik, a manufacturer and provider of CPVC piping and plumbing systems, today got listed at its issue price of Rs115 on the Bombay Stock Exchange.
After opening, the shares steadily lost ground but managed to pull back from the lows of Rs100.20 and were last trading at Rs104.40 as the counter witnessed huge volumes of over 11 lakh shares.
Meanwhile, on the National Stock Exchange, the Ahmedabad based company listed at Rs103 with 10.43% discount over its issue price.
The scrip saw brisk selling as 4.75 lakh shares were traded as the shares hit highs of Rs113.65 and lows of Rs100 per share.
Astral entered the bourses with over 1.12 crore shares, after its public issue hit the capital market with an offering of 29.71 lakh equity shares of Rs10 each at a price of Rs115 per equity share.
Astral Poly Technik proposed to utilize the net proceeds of the issue to part finance the expansion project of its existing line of business which currently focuses on CPVC pipes and fittings.
The company aslo plans to finance manufacturing facilities for its upcoming products such as underground systems and fire sprinkler systems.
Karvy Investor Services was the lead manager to the issue and Bigshare Services was the registrar to the issue.