Mumbai: Shares of Indian-made foreign liquor manufacturer Ravi Kumar Distilleries made a handsome debut on the National Stock Exchange (NSE) on Monday, listing at a premium of over 12% vis-a-vis their issue price.
Ravi Kumar Distilleries shares opened at Rs72 apiece on the NSE, translating into a 12.5% jump against the issue price of Rs64 under the company’s recently concluded initial public offering (IPO).
The scrip made a slightly more tepid debut at Rs64 on the Bombay Stock Exchange (BSE), which was at par with the IPO issue price. However, the company’s counter saw hectic buying during early trade, which helped its shares surge by over 39% to touch an early high of Rs89.20 on the BSE.
On the volume front, over 4 crore shares of the company changed hands within the first two-hour of trade on the two bourses.
The Puducherry-based liquor-maker had raised Rs73.6 crore through the IPO and plans to use the proceeds for expansion of its existing capacity and installation of a re-distillation plant.