Add-Shop Promotions Ltd. debuts with 8.46% premium at Rs 28.20
10/09/2018 18:24
Add-Shop Promotions Ltd. makes a strong debut on the bourses with scrip got listed at Rs 28.20 on the Bombay Stock Exchange, a 8.46 per cent premium to its issue price of Rs 26.00.

The company, which raised 0.24 Cr from initial public offering, was subscribed 1.24 times, receiving bids for 29.71 lakhs shares against the total issue size of 23.96 lakhs shares.

The company, listed under MT Group Securities post its IPO, opened for subscription from Aug 21 to Aug 30.

Following a strong opening, the scrip touched an intraday high of Rs 29.00 and a low of Rs 28.05, before closing the session up by 10.38 per cent to its listing price at Rs 28.70 on the BSE.

The company anticipates using the proceeds of the issue for Setting up of herbal; ayurvedic processing unit for manufacturing of cosmetic & noncosmetic products at Village Padawala, Taluka Kotdasangani, District Rajkot (“Project), Brand Building and Advertisement, Working Capital Requirements, General Corporate Purposes.

Fedex Securities Ltd. as lead managers & CAMEO CORPORATE SERVICES LTD is the registrar, to the issue.

Meanwhile, the broader benchmark BSE Sensex closed trade at 37,922.17, down 467.65 points, or 1.21 per cent.