- Knack Packaging shares closed nearly 8% above the Rs 170 issue price on Wednesday
- The stock surged 12.94% intraday to Rs 192 on the BSE before ending at Rs 182.70
- IPO was subscribed 83.33 times with a price band of Rs 161-170 per share
Shares of packaging solutions provider Knack Packaging Ltd ended with a premium of nearly 8% against the issue price of Rs 170 on Wednesday.
The stock started trading at Rs 186, registering a jump of 9.41% from the issue price on the BSE. During the day, it surged 12.94 per cent to Rs 192. Shares of the firm finally ended at Rs 182.70, up 7.47%.
At the NSE, the stock was listed at Rs 188, up 10.58%. It ended at Rs 182.98, up 7.63%.
The company's market valuation stood at Rs 2,235.61 crore.
In traded volume terms, 25.37 lakh shares of the firm were traded at the BSE and 335.03 lakh shares on the NSE during the day.
The initial public offering (IPO) of Knack Packaging Ltd received strong participation from investors, with the issue getting subscribed 83.33 times, on the final day of bidding on Friday last week.
The Rs 439.5-crore IPO had a price band of Rs 161-170 per share.
The public offer had a fresh issue of equity shares aggregating up to Rs 380 crore and an Offer For Sale (OFS) of up to 35 lakh equity shares worth Rs 59.5 crore.
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Proceeds from the fresh issue will be utilised for setting up a new manufacturing facility at Borisana, Kadi in Gujarat's Mehsana district, while remaining funds will be used for general corporate purposes.
Headquartered in Ahmedabad, Knack Packaging is an integrated, innovation-driven and export-oriented packaging solutions provider. It manufactures customised Printed and Laminated Woven Polypropylene (PLWPP) bags and PLWPP pinch bottom bags, catering to various sectors, including food products and pet foods.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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