Prabhat Dairy lists at 4% premium to issue price

Prabhat Dairy was listed at Rs 117.70, a 4% premium against its issue price of Rs 115 per share

Shares of Prabhat Dairy were listed at Rs 117.70, a 4% premium against its issue price of Rs 115 per share on the Bombay Stock Exchange (BSE) as well as on the National Stock Exchange (NSE). Post listings, the stock hit a high of Rs 119.90 so far on the NSE.

It may be recalled that the initial public offering barely managed to scrape through amid weak market conditions. Poor demand forced the company to extend the closing date and also cut the issue price. The earlier price band was Rs 140-147 a share, later cut to Rs 115-126.

Promoted by Sarangdhar Ramchandra Nirmal, Vivek Sarangdhar Nirmal and Nirmal Family Trust, Prabhat Dairy is an integrated milk and dairy products company in India, catering to institutional as well as retail customers.

The company produces and sells a range of pasteurized milk and other dairy products to retail customers under the Prabhat, Flava and Milk Magic brands.

At 12:15 pm, the shares were trading at Rs 117.70 on the NSE.