Shares of Jupiter Infomedia, a web infomedia company with online publications on business, encyclopedia and yellowpages, gained more than 10% to close at Rs 22.05 as against Rs 20 on the Bombay Stock Exchange's SME platform.

The stock touched an intraday high of Rs 22.10 and low of Rs 21.10 after opening at Rs 22. It traded with volumes of 1 lakh equity shares.

Jupiter Infomedia develops various informative online publications/verticals in house. Jupiter aims to develop an online information library that would provide in-depth information to its visitors on various topics.

At present, it has three online publications that include an online business directory (B2B portal operating through the website - www.JimTrade.com), an Encyclopedia on India (www.IndiaNetzone.com) and an online yellowpages directory (www.jimyellowpages.com).

The Rs 4.08-crore IPO was opened for subscription July 30-August 1.

Jupiter Infomedia intends to use issue proceeds for purchasing and setting up of offices in Mumbai and Kolkata; renting offices in Ahmedabad, Chennai and Delhi; and initial operating expenses for the marketing/branch office (first three months).