Mumbai: Steel pipe maker Precision Pipes and Profiles Company got listed on 11 December at Rs160 on the Bombay Stock Exchange, a premium of 6.66% over its issue price of Rs150.
Within minutes of listing, the scrip touched an intra-day high of Rs175 with over 13.38 lakh shares changing hands on the BSE.
A similar trend followed on the National Stock Exchange, where the scrip got listed at Rs165, touched an intra-day high of Rs175 and over 13.51 lakh shares got traded.
The scrip later parted with some gains and was trading at Rs147.75 on BSE and at Rs141.95 on NSE at 10.07 a.m.
The company is planning to use the issue proceeds to fund its expansion plan at Haldia, West Bengal. A portion of money would also be used to pre-pay a certain amount of term debt and for general corporate purposes.
Meanwhile, Aries Agro also got listed at Rs150 on the BSE, a premium of 15.38% over its issue price of Rs130. The scrip touched an intra-day high of Rs228.80 and over 34.40 lakh shares got traded on the BSE.
On the NSE the scrip got listed at Rs160, touched an intra-day high of Rs228 and over 27.26 lakh shares got traded.
However, the scrip shed some gains later an was trading at Rs208 on BSE and at Rs213.35 on NSE at 10 a.m.
The company plans to use the proceeds of the issue for setting up four new manufacturing units in Ahmedabad, Lucknow, Medak (Andhra Pradesh),and Maharashtra. Each plant would be set up at a cost of Rs2-2.5 crore.