Timbor Home surges 45% on debut

It was huge rush for shares of Timbor Home, a manufacturer and retailer of solid wood furniture, modular kitchens and doors. The stock surged as much as 57% to touch a high of Rs 99, before closing at Rs 91.50 on the National Stock Exchange, a premium of 45% over an issue price of Rs 63 a share.

Its traded volume was nearly 8 crore equity shares - higher by 21.4 times as compared to issue size of 36.9 lakh shares. Today 23% equity of company changed hand via two block deals.

Company's chairman and managing director Anant Maloo said growth in furniture industry and organised retail would boost revenues.

Timbor Home garnered Rs 23.25 crore through the issue, which will be used for purchasing of machinery, establishment of new stores across India and working capital requirements.