Textbooks publisher S Chand and Company made its debut on the bourses on Tuesday and listed at Rs 707 on BSE against the issue price of Rs 670, up 5.52 per cent. At 9.58 am, the share price of the company was trading at Rs 688.15, up 2.70 per cent against the issue price of Rs 670 on BSE.
After its debut on the bourses, S Chand told CNBC TV 18 that it sees some opportunities in the unorganised space for acquisitions. The company aims to reduce the debt of the company by 75 per cent from IPO proceeds.
The company successfully closed its initial public offer (IPO) late last month. Its IPO witnessed solid investor demand and was oversubscribed 59.49 times. The portion of Qualified Institutional Buyers (QIBs) was oversubscribed 44.27 times and that of non-institutional investors, a staggering 204.65 times.
Retail investors category was also oversubscribed 6.07 times. The price band for the offer, open from April 26-28, was set at Rs 660-670 a share.
JM Financial Institutional Securities, Axis Capital and Credit Suisse Securities (India) Pvt were the merchant bankers to the offer.
Last year, the company had acquired 74 per cent of the outstanding share capital of Chhaya Prakashani Pvt.
The company offers 53 consumer brands across knowledge products and services, including S Chand, Vikas, Madhubun, Saraswati, Destination Success and Ignitor.
As on December 31, 2016, S Chand offers 55 consumer brands across knowledge products and services, including S Chand, Vikas, Madhubun, Saraswati, Destination Success and Ignitor.