Birla Pacific makes stellar debut on BSE

Birla Pacific makes stellar debut on BSE

Mumbai: Yash Birla Group company Birla Pacific Medspa on Thursday witnessed a stellar listing on the Bombay Stock Exchange (BSE) as the stock settled for the day with gains of as much as 153%.

The stock which surged by as much as 48% vis-a-vis its issue price of Rs10 after opening at a premium this morning went even further and touched an intra-day high of Rs30.70, up 207% from its issue price.

At the end of trading session, the stock was quoted at Rs25.35, up 153%, thereby taking the market capitalization of the company to Rs284 crore.

The stock witnessed good trading activity, with over 13.58 crore shares changing hands on the bourse in early morning trade.

The IPO, through which the company mopped up Rs65 crore, was over subscribed. The QIB portion was subscribed 1.04 times, while the portion reserved for retail investors got subscribed 1.82 times.

Out of the proceeds of the IPO, the company proposes to utilize Rs49 crore for establishing 55 ‘Evolve’ outlets, around Rs6 crore for brand building and the balance for meeting working capital, issue and other preliminary expenses.

The company is considering locations in Delhi, Bangalore, Ahmedabad, Pune, Chennai, Hyderabad, Jaipur and Goa for the centres, among other cities.