Ganga Forging Ltd. makes a strong debut on the bourses with scrip got listed at Rs 21.10 on the Bombay Stock Exchange, a 0.47 per cent premium to its issue price of Rs 21.00. On the National Stock Exchange, the stock was listed at Rs 21.10.
The company, which raised 0.24 Cr from initial public offering, was subscribed 1.44 times, receiving bids for 34.30 lakhs shares against the total issue size of 23.82 lakhs shares.
The company, listed under ST Group Securities post its IPO, opened for subscription from Jun 29 to Jul 03.
Following a strong opening, the scrip touched an intraday high of Rs 21.30 and a low of Rs 21.00, before closing the session up by 0.95 per cent to its listing price at Rs 21.20 on the NSE.
The company anticipates using the proceeds of the issue for To finance setting up of Closed Die Forging manufacturing facility General corporate purposes.
Pantomath Capital Advisors Pvt. Ltd. as lead managers & LINK INTIME INDIA PRIVATE LIMITED is the registrar, to the issue.
Meanwhile, the broader benchmark NSE Nifty closed trade at 10,948.30, down 1.05 points, or 0.00 per cent.