Tirupati Inks lists at Rs 53.95; surges 43%

It has surged 42.91% to Rs 61.45 - a high point in early trade and was trading with volume of 1.2 crore shares. 

Tirupati Inks is engaged in the business of manufacturing of printing ink and trading in polyester films.

The company had entered the capital markets on September 14, 2010 with a public issue aggregating to Rs 51.50 crore. A price band for the issue was at Rs 41-43 a share. The issue was subscribed 8.77 times.

The company proposed to utilize part of the net proceeds of the Issue to raise financial resources for setting up a new facility for manufacturing of specialty inks like digital inks, UV Inks, offset printing inks and ink concentrates. A part of the fund is also proposed to be used to augment and support existing product range of the company which include Rotogravuere Inks and Flexographic Inks used in Printing of Flexible Packaging Material.

In addition to this, the Issue proceeds is proposed to be used for the company’s inorganic growth plans by way of acquisitions and strategic investments. They would also use part of the proceeds as capital expenditure on laboratory equipments for its existing facilities.