Shares of textile company Pradip Overseas today closed at Rs 107.15 on the Bombay Stock Exchange in debut trade, lower by over two per cent compared to the issue price.
After opening firm, the scrip had soared by 11.81 per cent to an intra-day high of Rs 123.
Later in the day it pared gains and closed at Rs 107.15 on BSE, down by 2.59 per cent compared to issue price of 110 per share.
On the National Stock Exchange, the stock settled down nearly three per cent at Rs 106.80.
The company listed 4.03 crore shares on the bourses. A total of over 4.45 crore shares of Pradip Overseas changed hands on both the bourses.
The company last month raised Rs 116 crore through an initial public offer. It intends to use the proceeds to part fund a manufacturing facility in a textile SEZ and partly finance the incremental margin money requirement for working capital.