Aeroflex Industries shares managed to record a massive 51 percent gain on its listing day, August 31, though it lost 17 percent from the day's high due to subdued market conditions on the monthly F&O expiry day.
The stock opened at Rs 190 on the NSE up 76 percent over the issue price of Rs 108 and hit an intraday high of Rs 196.35 initially (up 81.8 percent). However, it witnessed some profit-taking as the day progressed and shed around 17 percent from the day's high.
The stock hit a day's low of Rs 162.30, before closing the day with a 51.16 percent rally at Rs 163.25, while the closing on the BSE was Rs 163.15. It traded with a volume of 3.6 crore equity shares on the NSE and 33.15 lakh shares on the BSE.
The massive rally was backed by the strong subscription demand for the IPO and first mover advantage of listing from the metallic flexible flow solution industry.
The Mumbai-based company has raised Rs 351 crore via public issue, which was subscribed over 97 times during August 22-24. The price band for the offer was Rs 102-108 per share.
Also read: Aeroflex Industries sees selling pressure after bumper listing; here’s what analysts say
Aeroflex Industries with flexible flow solution products like braided hoses, unbraided hoses, solar hoses, gas hoses, vacuum hoses, braiding and many more, caters diversified customer base comprising distributors, fabricators, maintenance repair and operations companies (MROs), original equipment manufacturers (OEMs), and companies operating in a wide range of industries.
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