Birla Pacific Medspa makes stellar listing on BSE

Yash Birla Group company Birla Pacific Medspa today witnessed a stellar liting on the Bombay Stock Exchange as the stock settled for the day with gains of as much as 153%.

The stock which surged by as much as 48 per cent vis-a-vis its issue price of Rs 10 after opening at a premium this morning went even further and touched an intra-day high of Rs 30.70, up 207 per cent from its issue price.

At the end of today's trading session, the stock was quoted at Rs 25.35, up 153 per cent, thereby taking the market capitalisation of the company to Rs 284 crore.

The stock witnessed good trading activity, with over 13.58 crore shares changing hands on the bourse in early morning trade.

The IPO, through which the company mopped up Rs 65 crore, was over subscribed 1.18 times. The QIB portion was subscribed 1.04 times, while the portion reserved for retail investors got subscribed 1.82 times.

Out of the proceeds of the IPO, the company proposes to utilise Rs 49 crore for establishing 55 'Evolve' outlets, around Rs 6 crore for brand building and the balance for meeting working capital, issue and other preliminary expenses.

The company is considering locations in Delhi, Bangalore, Ahmedabad, Pune, Chennai, Hyderabad,  Jaipur and Goa for the centres, among other cities.