Shares of Olympic Cards, a fully integrated manufacturing company mainly involved in production and sale of wedding invitation cards, greeting cards, visiting cards etc, slipped below the issue price (Rs 30) as well as below its equilibrium price (Rs 29.95) that set in pre-opening session.
Now the circuit limit has fixed at Rs 31.40 on higher side and Rs 28.50 on lower side, which is 5% to equilibrium price.
The company had come out with an IPO, which opened during March 9-13, aggregating upto Rs 25 crore in the price band of Rs 30 to Rs 32 per equity share of Rs 10 each.
The company proposed to utilize the net proceeds of the issue to fund its expansion plan of setting up a new manufacturing unit near Chennai and capital expenditure for establishing 4 own retail outlets of the company. Presently the Company manufactures products from its factory in Chennai. As a part of the expansion plan, it proposes to set up a new factory at Kannigaiper, near Chennai. It has already purchased 5.65 acres of land for the purpose.
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