Manaksia, a multi division and multi location company focusing on manufacturing of value added metal products and metal packaging products, has opened at Rs 200 on the BSE, a premium of 25% over its offer price of Rs 160 per share. The stock has hit a high of Rs 248.70 in the early trade.

It listed at Rs 175.30 on the NSE and touched a high of Rs 212.

The company had come out with an initial public offering of 15,500,000 equity shares of Rs 2 each at a price band between Rs 140 and Rs 160 per equity share and subscribed 8.79 times. It has raised Rs 248 crore from this issue.

The company intended to use the net proceeds of the issue for expansion of metals business by purchase of capital equipment, prepayment of certain term debt and for general corporate purposes. The expansion of metals business includes addition of certain equipments for de-bottlenecking to aluminium rolling line at Haldia is aimed at production of higher value added products as well as improving efficiency of its present production.