Astron Paper & Board Mill made a strong debut on the Bombay Stock Exchange and locked in upper circuit after listing at Rs 119.70, up 139 per cent against its initial public offer (IPO) price of Rs 50 per share. The paper manufacturer, which had got overwhelming response for its Rs 70 crore initial public offering that was subscribed over 243.29 times earlier this month, was listed at its issue price of Rs 115 per share on the National Stock Exchange.
After making a robust opening, shares of company touched an intra-day highs and lows of Rs 119.70 and Rs 113.10 on the BSE. In the day’s trade so far, as much as 5.75 lakh shares have changed hands over the counter on BSE. “The equity shares of Astron Paper & Board Mill Ltd (Scrip Code: 540824) are listed and admitted to dealings on the Exchange in the list of 'T' Group Securities,” said the company in a filing to the Bombay Stock Exchange.
The company has fixed a price band of Rs 45-50 for its initial share sale offering. Meanwhile, the broader benchmark BSE Sensex was trading at 34,003.01, up 154.98 points, or 0.46 per cent, at 12:25 hours.