Shares of market debutant, Amber Enterprises, on Tuesday, extended gains to Rs 1,259 after it listed at Rs 1,175, a gain of 37 percent to the issue price of Rs 859 on the National Stock Exchange.
Meanwhile, on the BSE, the stock listed at Rs 1,180, a gain of 37.37 percent to the issue price of Rs 859.
The appliance maker had a very successful initial public offering (IPO), registering a subscription of 165 times. It had sought to raise Rs 600 crore through the issue, which opened on January 17 with a price band of Rs 855-859 apiece.
The air conditioner manufacturer’s IPO had received bids for 81.47 crore shares against an issue size of 49 .27 lakh.
The company said that it plans to use the proceeds for repayment and advance payment of certain loans and other general corporate purposes.
Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas are managing the company's IPO.
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