Sudar Garments debuts with 4% premium on NSE

Apparel-maker Sudar Garments made a strong debut on the National Stock Exchange today, opening at a premium of nearly 4% vis-a-vis its issue price of Rs 77.

Shares of the apparel manufacturer debuted at Rs 80.05 apiece, up 3.96% from their issue price on the NSE. Within minutes of trade, the scrip jumped by 17.79% to an early high of Rs 90.70.

In contrast, the stock made a weak opening on the Bombay Stock Exchange and fell by 3.89% after debuting at Rs 74.

However, the stock soon saw buying interest and zoomed up by 17.85% to touch an early peak of Rs 90.75 on the BSE.

The company had fixed a price band of Rs 72-77 a share for its Rs 70 crore initial public offer.

The funds raised through the IPO will be used for expansion of the company's existing apparel manufacturing unit at Khalapur, in Maharashtra, besides working capital requirements, setting up retail outlets and brand building.

Meanwhile, the NSE's 50-share Nifty index was trading at 5,483.35 at 1035 hours, down by 11.05 points vis-a-vis its previous close.