It was a good start for Rushil Decor, a decorative laminated sheets manufacturer, on listing day - especially a day when bulls were in charge of market.
The stock touched an intra-day high of Rs 124.05 on the National Stock Exchange, before ending at Rs 119.05, a premium of 65.35% over an IPO price of Rs 72 a share.
Total traded volume on both exchanges was more than 8.67 crore equity shares - that was 16 times higher as compared to issue size of 54 lakh equity shares.
Krupesh Thakkar, Managing Director says that the company is expecting revenues of Rs 30 crore from medium density fibre (MDF) in FY12 and Rs 70 crore in FY13.
“We are expecting a 5-6% profit on revenue”, he said.
Company raised Rs 40.64 crore (including promoters' contribution of Rs 1.75 crore) through the issue, which will be used for setting up of medium density fibre board plant and for working capital requirement.
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