Astron Paper & Board Mill is the new debutant on the bourses today and what a listing it had! It got listed on the BSE at Rs.114 as against the IPO price of Rs.50 per share.
The IPO had got a fantastic demand and was subscribed by a huge 243 times. In this, the qualified institutional buyers (QIBs) portion was subscribed 103.36 times, non institutional investors 396.99 times and retail investors 76.26 times.
This Gujarat based company makes kraft paper catering to the packaging industry and various MNCs.
In our New Issue Analysis, we had said, “While small issue size and lack of credible track record of merchant banker on the main bourse will weigh adversely on the issue, sector tailwinds, high historical growth rates and undergoing capacity expansion will aid the financials. Given better fundamentals, one may apply in the issue, especially with a medium term view.”