SH Kelkar, which marked its market debut on Monday, closed 15 per cent up on BSE from its IPO price of Rs 180. The stock gained as much as 24 per cent to Rs 222.70 earlier in the day. The scrip closed at Rs 207.30 on BSE.
Shares of S H Kelkar and Company opened at Rs 222 on BSE and at Rs 223.70 on NSE.
The price band for the IPO was fixed at Rs 173-180 per share. The company had fixed the issue price at Rs 180 per share, the upper end of the price band.
The fragrance maker’s Rs 500-crore initial public issue (IPO) which closed last month had received an overwhelming response from investors and was over-subscribed 27.08 times.
This was the fourth IPO this year, after VRL Logistics, Power Mech Projects and Syngene International, to receive such a strong response in terms of subscription.
With agency inputs