Indobell Insulations IPO shares listed on the stock exchanges with a premium of 90 percent over the issue price on January 13, following 54 times subscription by the investors in the primary market. The Rs 10.14-crore issue was open for bidding in the primary market between January 6 - 8.
The shares of Indobell Insulations Ltd were listed at Rs 87.40 per share on the BSE SME platform, a strong premium of 90 percent against its issue price. The IPO was priced at Rs 46.
The market valuation of the Kolkata-based company post listing of shares stood at Rs 57.81 crore.
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Indobell Insulation that makes mineral and ceramic fibre nodules, and prefabricated thermal insulation jackets, which are used in residential, commercial, and industrial applications intends to utilise IPO proceeds for the purchase of additional plant and machinery, working capital requirements, and general corporate purposes.
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