Mrs Bectors Food Specialities off to flying start; shares more than double

Shares closed with a premium of 107 per cent against its issue price of Rs 288

Shares of Mrs Bectors Food Specialities on Thursday made a remarkable market debut and closed with a premium of 107 per cent against its issue price of Rs 288.

The stock opened at Rs 501, reflecting a jump of 73.95 per cent from the issue price on the BSE. During the day, it rose to Rs 601.20, up 108.75 per cent. It finally closed at Rs 595.55, a gain of 106.78 per cent.

On the NSE, it zoomed 105.72 per cent to close at Rs 592.50.

The company's market valuation was at Rs 3,498.65 crore on the BSE.

In traded volume terms, 37.81 lakh shares were traded at the BSE and over 3.70 crore units on the NSE during the day.

Mirroring massive investor response, Mrs Bectors Food Specialities initial public offer was subscribed a whopping 198 times earlier this month.

The price band for the share sale was at Rs 286-288 apiece.

Mrs Bectors Food manufactures and markets a range of products such as biscuits, breads and buns. It markets a wide variety of biscuits and breads under the flagship brand 'Mrs Bector's Cremica' and the 'English Oven', respectively.

Earlier this month, shares of Burger King India had zoomed nearly 131 per cent in its market debut.