Astron Paper makes stellar debut on NSE; Stock rise

Astron Paper & Board Mill Limited made a strong debut and was locked in upper circuit at Rs.120.75, up 141 percent against its issue price of Rs 50 per share on the NSE, while on the BSE, it froze at Rs. 120.  The company listed at Rs. 115 on the NSE and at Rs. 114 on the BSE. A combined 6.11 million shares changed hands and there were pending buy-orders for 3,15,927 shares on the NSE and BSE.

Last week, the company’s IPO to raise up to Rs 70.00 cr, got subscribed by over 243 times as at the end of last day of bidding, backed by stellar demand across categories. The issue received bids figuring to 340.6 cr, shares as against the size of 1.4 cr, shares implying subscription of 243.29 times.

The retail investors bid for a total of 36.27 cr, shares. Non Institutional category witnessed the highest demand, as investors bid for a total of 290.3 cr, shares as against 73.15 lakh shares reserved for them implying a subscription of nearly 400 times.