Shares of liquor manufacturer Ravi Kumar Distilleries today surged 25 per cent to close at Rs 80.05 on the Bombay Stock Exchange (BSE) vis-a-vis its issue price of Rs 64.
After opening the session on a modest note, the scrip later gained momentum backed by heavy buying and advanced by 25 per cent to close at Rs 80.05 on BSE. The stock had skyrocketed to 41 per cent to touch an intra-day high of Rs 90.30.
On the National Stock Exchange, Ravi Kumar settled the day at Rs 79.30, translating into a 23.91 per cent jump against the issue price.
In terms of volume, over 11 crore shares of the company were traded on both the bourses.
The Puducherry-based liquor maker had raised Rs 73.6 crore through the IPO and plans to use the proceeds for expansion of its existing capacity and installation of a re-distillation plant.
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