Mumbai: Austral Coke and Projects Ltd has listed at 5.10% premium over its issue price of Rs196 on the Bombay Stock Exchange.
The scrip opened at Rs206 and touched a high of Rs308.80 in the first few minutes of trade. The company listed over 2.90 crore shares on the bourses.
Similar movements were witnessed on the National Stock Exchange where the scrip opened at Rs201.40 and touched an intra-day high of Rs324.85. Over 29 lakh shares changed hands on both the bourses.
The company had raised about Rs142 crore through its initial public offer last month and was subscribed 1.65 times on the final day.
Austral Coke Projects is involved in the business of manufacturing coke and refractory as well as in the textile sector.
The Gremach group company would utilise the issue proceeds for setting up a 1.50 lakh tonnes per annum of Low Ash Metallurgical (LAM) coke plant, a captive power plant at Sindhudurg in Maharashtra, and for general corporate purposes.