Varun Industries debuts with 75% premium

Varun Industrie BSE | NSE 09/02/12 Are Mutual Funds betting on Varun Industrie?

It was a good start from Varun Industries , the largest exporter of stainless steel kitchenware and houseware items. The stock has listed at 105, up 75% over its issue price of Rs 60 and surged 133% to touch a high of Rs 140 on the NSE.

The stock was quoting at Rs 122, up 104.33%, with volumes of 4,03,565 shares on the NSE. The turnover was at Rs 5.13 crore at 9:56 am.

On the BSE, it was trading at Rs 134, with volumes of 1,38,296 shares. It has hit a high/low of Rs 150 and Rs 105, respectively.

The company had come out with an IPO of 90 lakh equity shares with an issue price of Rs 60 of face value Rs 10 each and raised Rs 54 crore.

The company planned to use the funds raised to meet the expenditure for brand building in the domestic market and to meet working capital requirements.