Jyothy Lab lists with 16% premium on BSE

Jyothy Lab lists with 16% premium on BSE


Mumbai: FMCG company Jyothy Laboratories got listed on 17 December at Rs799, a premium of 15.8% over its issue price of Rs690 on the Bombay Stock Exchange.

The scrip opened at Rs799, touched a high of Rs880 and over 3.10 lakh shares changed hands on the bourse.

Similarly, on the National Stock Exchange the scrip opened at Rs895 and over 6.88 lakh shares were traded.

The scrip later was trading at Rs769 on the BSE and Rs769.45 on the NSE at 9.56am. It had got listed with over 1.45 crore equity shares at an issue price of Rs690.

The initial public offer of Jyothy Laboratories got good response from investors with the issue getting over-subscribed and most of the bids coming from qualified institutional buyers.

The company is planning to raise about Rs274 crore at the lower end of the band and Rs305 crore at the higher end. Jyothy Labs has drawn up to Rs40 crore capital expenditure plan for FY08.

It plans to leverage the dominant Ujala brand with other branded fabric care products, use its distribution network and marketing expertise, improve efficiency and manage costs and increase focus on supermarket and hypermarket sale.