Shankara Building debuts with 21% premium at Rs 555

Shankara Building Products today made a strong debut on the bourses with its shares listing at Rs 555.05 on NSE, a 20.66 per cent premium over the issue price.
The shares opened on the National Stock Exchange (NSE)at Rs 555.05 apiece compared to the initial public offering price of Rs 460. After strong opening, it touched an intra-day high of Rs 629.90, up 37 per cent over issue price.
On the BSE, the stock opened at Rs 545, up 18.5 per cent over the issue price. During the intra-day, it touched a high of Rs 629.20.
The strong start comes after the Rs 350-crore IPO, which was opened between March 22 and March 24, received robust response as investors over-subscribed the issue more than 41 times of the issue size.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 51.62 times while that for the non-institutional investor segment was 90.68 times. The retail investor category witnessed a subscription of 15.35 times.
The IPO comprised fresh issue of shares worth Rs 45 crore and an offer for sale of little over 65 lakh shares. The price band of the public offer was at Rs 440-460 per share.
The Bengaluru-based company is an organised retailer of home improvement and building products in India.