Timbor Home opens with 14% premium

Shares of Timbor Home, a manufacturer and retailer of solid wood furniture, modular kitchens and doors, opened at Rs 72, with 14% premium over an issue price of Rs 63 on the Bombay Stock Exchange.

At 9:40 hours IST, a share was trading at Rs 80.70, with gaining 28% over issue price. Traded volume on the BSE was more than 44 lakh equity shares so far.

Anant Maloo, Managing Director of Timbor Home said interest cost would go down after using IPO money for working capital.

"We already opened three stores out of 20 we promised to open with the IPO money," he said.

The company raised Rs 23.25 crore through the issue of 36.9 lakh equity shares, which will be used for purchasing of machinery, establishment of new stores across India and working capital requirements. Issue had opened for subscription during May 30-June 2