- Kusumgar's share price made a stellar debut.
- The company's market valuation stood at nearly 6,500 crore.
- Price band of Rs 650 crore IPO was fixed at Rs 398 to Rs 419 per share.
Kusumgar's share price made a stellar debut on the stock market, listing with a premium of 37 per cent against the issue price of Rs 419. The engineered fabric manufacturer's stock started trading at Rs 574, up 36.99 per cent from the issue price on the BSE. At the NSE, the stock started trading at Rs 569, up 35.79 per cent.
The stock further surged nearly 8 per cent from the listing price to touch a high of Rs 625.90 on NSE. Last seen, the stock was trading at Rs 612.70, up nearly 6.6 per cent from the listing price, while 46 per cent higher than the issue price of Rs 419.
The company's market valuation stood at nearly 6,500 crore.
Also Read: India-UK FTA Comes Into Force Today; Bilateral Trade To Hit $100 Billion By 2030
Earlier on Friday, the initial public offering (IPO) of Kusumgar Ltd was subscribed 128.85 times due to strong response from qualified institutional investors (QIBs) on the last day of the auction.
Price band of Rs 650 crore IPO was fixed at Rs 398 to Rs 419 per share. Kusumgar IPO was fully subscribed on the first day of the auction on Thursday. The IPO was a full-fledged offer for sale (OFS).
Recommended For You
Established in 1990, Kusumgar Ltd manufactures woven, coated and laminated synthetic fabrics known as engineered fabrics. The company primarily manufactures aerospace and defence clothing, industrial and automotive clothing, and outdoor and lifestyle clothing.
Also Read: Stock Market Bounces Back On Value Buying; Sensex Up 585 Points
Disclaimer: This story has been directly published from the agency feed. No changes have been made except the headline.