Another stock from home improvement and building product segment company has made a debut on national stock exchange of India today. Shankara Building Products has been listed on NSE at price of Rs 555 per share with premium of 20.7%. After successful listing the stock touched the higher price level of Rs 577. For the initial listing Shankara Building Products has fixed a issue price of 460 per share while it received a overwhelming response from the market and the stock got subscribed 42X.
Company has a vision to use this money to reduce the current debts. Shankara building is a Bengaluru based company involved in selling of steel pipes, tubes products along with its presence in housing, engineering, automotive sector. Company has earned Rs 350 Crore from this issue.
In this phase of issue, shares of non-institutional investors have been over subscribed 91 times while shares of qualified institutional buyers have been subscribed 52X and shares of retail investors have been subscribed 15X.