1110 Investors following Shilpi Cable. Share this News with them.
0
Like this story, share it with millions of investors on M3
Shilpi Cable surges 20% on debut
Cables manufacturer Shilpi Cable Technologies started the trade above expectations on first day, with opening at Rs 78 as against issue price of Rs 69 a share on the National Stock Exchange.
Cables manufacturer Shilpi Cable Technologies started the trade above expectations on first day, with opening at Rs 78 as against issue price of Rs 69 a share on the National Stock Exchange.
At 9:30 hours IST, a share was trading at Rs 80, up 16% after hitting a high of Rs 84.70 and low of Rs 78 in early trade.
Traded volume on both exchanges was more than 90.95 lakh equity shares as against issue size of over 80 lakh shares.
Shilpi Cable manufactures RF cables to cater to the telecom sector and also trades in cable accessories.
Company received Rs 55.88 crore through its initial public offering (IPO) at higher end of price band of Rs 65-69 a share.
Issue proceeds are proposed to be utilised for capital expenditure on cable/ wire assembly shop, tools for 3G enabling and augmenting cable manufacturing capabilities; for long term working capital requirement for the proposed new businesses; and for investment in the subsidiary of the company, M/s Shilpi Cabletronics.
