Lovable gains over 20% on debut

The shares of lingerie maker Lovable Lingerie gained more than 20 per cent on debut at the bourses on Thursday against the issue price of Rs 205.

On the National Stock Exchange (NSE), the shares listed at Rs 240 — 17.07 per cent over its issue price — and never fell below that mark. It touched an intra-day high of Rs 278.90, before closing at Rs 252.35, up 23.10 per cent. A total of 23.20 million shares were traded on NSE, with the turnover pegged at Rs 603.80 crore.

On the Bombay Stock Exchange (BSE), the shares opened at Rs 261.50, before touching a high of Rs 278.95. However, the shares touched an intra-day low of Rs 241.40. The shares closed at Rs 249.20, with 17.27 million shares being traded.

The Sequoia-backed women’s inner-wear maker had fixed a price band of Rs 195 to Rs 205 a share for its Rs 93.27 crore initial public offer (IPO). The funds raised through IPO will be utilised for setting up additional manufacturing capacity at its Bangalore unit, brand building and brand development for the company’s College Style brand.