Textbook publisher S Chand and Company stocks soared over 5.5 per cent over its issue price of Rs 670 in their market debut on BSE and NSE.
The stock opened at Rs 707 on BSE, up 5.52 per cent from the issue price. On NSE, it opened at Rs 700, up 4.47 per cent.
Over 87 lakh shares of the company were traded on NSE during the morning trade. The price band for the offer, open from April 26-28, was set at Rs 660-670 a share.
The IPO saw solid investor demand and was oversubscribed 59.49 times. The portion for Qualified Institutional Buyers (QIBs) was oversubscribed 44.27 times and that of non- institutional investors a staggering 204.65 times.
Retail investors category was also oversubscribed 6.07 times. JM Financial Institutional Securities, Axis Capital and Credit Suisse Securities (India) Pvt were the merchant bankers to the offer.
Last year, the company had acquired 74 per cent of the outstanding share capital of Chhaya Prakashani Pvt.
The company offers 53 consumer brands across knowledge products and services, including S Chand, Vikas, Madhubun, Saraswati, Destination Success and Ignitor.