Mumbai: Nitin Fire Protection Industries (NFPIL) debuted on 5 June 2007 on the Bombay Stock Exchange at Rs332.50, a premium of 75% over its issue price of Rs190.
Within minutes of listing the scrip touched a high of Rs483 and over 1.88 million shares exchanged hands on the bourse.
The shares were trading at Rs457.10 at 10.21 am on BSE.
Nitin Fire entered the bourses with over 12.6 million equity shares and proposes to utilise the proceeds of the issue to fund its expansion plans at Visakhapatnam Special Economic Zone (SEZ).
The company is setting up a second cylinder plant in the SEZ as most of the construction material is being imported. The unit will also benefit from duty-free supply of fuels in the zone, NFPIL Director G K Shahi had said while announcing the IPO.
The plant’s first phase to produce 2.5 lakh cylinders has begun production.