IndiaMART InterMESH surges 34% to close at Rs 1,302 on Day 1

IndiaMART InterMESH had a bumper listing on July 4 as it closed the first session at Rs 1,301.95 on the National Stock Exchange, higher by 33.80 percent over its issue price of Rs 973, after hitting a day's high of Rs 1,338.

On the BSE, the share gained 33.87 percent to end at Rs 1,302.55 after hitting an intraday high of Rs 1,339.

It traded with volumes of 75.61 shares on NSE and 6.89 lakh shares on BSE.

IndiaMART InterMESH is an online marketplace for business products and services. Its Rs 475-crore publish issue was subscribed 36.16 times during the IPO period June 24-26.

"The premium listing and the subsequent heavy buying can be attributed to its market leadership. With heavy oversubscription and hefty listing gains seen in this IPO, a lot of IPOs are expected to line up post the budget as over tens of IPOs have already received SEBI approval," Umesh Mehta, Head of Research at Samco Securities told Moneycontrol.