Bonlon Industries Ltd. makes a weak debut on the bourses with scrip got listed at Rs 21.00 on the Bombay Stock Exchange, a 25.00 per cent discount to its issue price of Rs 28.00. The company, which raised 0.38 Cr from initial public offering, was subscribed 1.28 times, receiving bids for 48.08 lakhs shares against the total issue size of 37.56 lakhs shares.
The company, listed under MT Group Securities post its IPO, opened for subscription from Jun 30 to Jul 03. Following a weak opening, the scrip touched an intraday high of Rs 21.50 and a low of Rs 21.00, before closing the session up by 23.21 per cent to its listing price at Rs 21.50 on the BSE.
The company anticipates using the proceeds of the issue for To meet the working capital requirements of the Company, To meet Issue Expenses. SARTHI CAPITAL ADVISORS PRIVATE LIMITED as lead managers & Bigshare Services Pvt. Ltd. is the registrar, to the issue. Meanwhile, the broader benchmark BSE Sensex closed trade at 36,033.06, down 660.63 points, or 1.80 per cent.