Asia Bizz: Gravita India Marks its opening at 75 Percent at the BSE
Gravita India made an outstanding opening on the bourses today, as the metal producer shares opening were up by 75 per cent higher than Rs 125 which is their issue price. The shares of Gravita India opened at Rs 218.75 on the BSE, between a volatile broader market, translating into an overwhelming 75 per cent on the issue price.
The script hit an early high of Rs. 255, up to 102 per cent on the BSE within fractions of the opening bell.There was a great demand from the investor at the initial public offer of Gravita India which oversubscribed 41.28 times by the end of the issue.
About 45 crores were raised by the Jaipur based firm through its IPO. Its proceeds will be used to set up additional manufacturing facilities, along with new facilities in Wada, Maharashtra among other activities.Â Gravita India is a part of Gravita Group, established in 1992, which makes lead metal by recycling and smelting processes along with other similar industrial products.