Overview
- Shares listed at Rs 1,165 on the BSE and NSE, about 9.4% above the Rs 1,065 issue price, touched Rs 1,189.50 intraday, and closed around Rs 1,140–1,141 for a gain of roughly 7%.
- The Rs 451 crore offering comprised a Rs 250 crore fresh issue and a Rs 201 crore offer-for-sale within a price band of Rs 1,014–1,065 per share.
- The IPO was subscribed 87.89 times overall, including 168.07 times by non-institutional investors, 139.87 times by qualified institutional buyers, and 24.26 times by retail investors.
- Fresh proceeds are earmarked for Phase II expansion of the Midwest Neostone quartz facility (about Rs 130.3 crore), electric dump trucks (about Rs 25.7 crore), solar integration at select mines (about Rs 3.2 crore), and repayment of borrowings (about Rs 56.2 crore).
- Pre-listing grey market quotes of roughly Rs 110–115 implied a 10–11% pop, slightly above the actual premium at the opening print.