Flexituff International , a leading integrated manufacturer of flexible intermediate bulk containers (FIBC), started the trade at Rs 156.90 on National Stock Exchange, above its issue price of 155 a share on Day 1.
At 9:37 hours IST, the share was trading at Rs 156.50, 1% higher over issue price. The stock has touched a high of Rs 157.95 in early trade.
According to CNBC-TV18's Udayan Mukherjee, it is a more reasonable business. "You can argue with the valuations and what the stock will do but at least seems like in the packaging business they have been for sometime. It's a Rs 600 crore company, so I know that may also come off but at least it seems to have a slightly bigger or better business proposition," he said.
The company currently manufactures FIBC, geo-textile fabric and ground cover, reverse printed BOPP woven bags, special PP bags including leno bags. These products are manufactured at the three manufacturing units located in Pithampur (MP) and Kashipur (Uttrakhand).
Total traded volume on both exchanges was more than 45 lakh equity shares as against issue size of 67.5 lakh shares.
