Mega Flex Plastics Ltd. makes a strong debut on the bourses with scrip got listed at Rs 54.00 on the Bombay Stock Exchange, a 35.00 per cent premium to its issue price of Rs 40.00. On the National Stock Exchange, the stock was listed at Rs 54.00.
The company, which raised 0.29 Cr from initial public offering, was subscribed 43.26 times, receiving bids for 1,232.91 lakhs shares against the total issue size of 28.50 lakhs shares.
The company, listed under SM Group Securities post its IPO, opened for subscription from Sep 06 to Sep 09.
Following a strong opening, the scrip touched an intraday high of Rs 56.70 and a low of Rs 51.30, before closing the session up by 41.75 per cent to its listing price at Rs 56.70 on the NSE.
The company anticipates using the proceeds of the issue for A To meet the working capital requirementsB To meet the Issue ExpensesC General Corporate Purposes.
Finshore Management Services Ltd. as lead managers & CAMEO CORPORATE SERVICES LTD is the registrar, to the issue.
Meanwhile, the broader benchmark NSE Nifty closed trade at 17,622.25, up 91.40 points, or 0.52 per cent.