Glory Polyfilms soars 75% after listing

Glory Polyfilms soars 75% after listing
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First Published: Mon, Jun 18 2007. 11 55 AM IST
Updated: Mon, Jun 18 2007. 11 55 AM IST
PTI
Mumbai: Shares of Glory Polyfilms, a packaging material maker, rose 75% on 18 June, to Rs84 in early morning trade, against its issue price of Rs48 on the Bombay Stock Exchange.
The scrip had opened at Rs50 on listing, a premium of 4.17% over its issue price. It was last trading at Rs61.70, as 4.76 million shares exchanged hands in a market that saw the emergence of buying by funds and retail investors.
The BSE-30 share index, Sensex, which had lost 41.01 points in previous trading, bounced back to register a gain of 121 points at 14,283.71 in first five minutes of trading on brisk buying in heavyweight stocks.
Glory Polyfilms raised over Rs39 crore in its 8.2-million share fixed price IPO that closed on 15 May. The issue proceeds will be used to part finance the expansion of multi-layer film, printing capacity and lamination film, the company said.
On the National Stock Exchange, the company’s shares opened at Rs48, its issue price. The counter saw brisk buying in the morning as the scrip touched highs of Rs84 intra-day.
Shares of Glory Polyfilms were last trading at Rs60.85, up 13.7%’ as 5.56 million shares changed hands on the NSE.
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First Published: Mon, Jun 18 2007. 11 55 AM IST
More Topics: Money Matters | IPOs |