Suratwwala Business Group Ltd. makes a strong debut on the bourses with scrip got listed at Rs 15.45 on the Bombay Stock Exchange, a 3.00 per cent premium to its issue price of Rs 15.00. The company, which raised 0.46 Cr from initial public offering, was subscribed 1.25 times, receiving bids for 57.27 lakhs shares against the total issue size of 46.00 lakhs shares.
The company, listed under SM Group Securities post its IPO, opened for subscription from Aug 03 to Aug 05. Following a strong opening, the scrip touched an intraday high of Rs 16.22 and a low of Rs 15.45, before closing the session up by 8.13 per cent to its listing price at Rs 16.22 on the BSE.
The company anticipates using the proceeds of the issue for To meet Working Capital requirements General Corporate Purpose To meet issue expenses. Hem Securities Ltd as lead managers & Link Intime India Private Limited is the registrar, to the issue. Meanwhile, the broader benchmark BSE Sensex closed trade at 38,310.49, down 59.14 points, or 0.15 per cent.