Shares of speciality alloy maker Mishra Dhatu Nigam (Midhani) got listed at Rs 87 on the bourses, with a discount of 3.33 per cent over its issue price of Rs 90.
Within minutes of listing, the stock touched a high of Rs 90.90 and a low of Rs 86.35 on the BSE. On the NSE, the stock touched a high of Rs 90.90 and a low of Rs 86.05.
The company’s initial public offer was subscribed 1.21 times. The public issue of the state-owned firm to raise Rs 438 crore received bids for 5,90,65,050 shares against the total issue size of 4,87,08,400 shares.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 1.96 times, non-institutional investors 12 per cent and retail investors 72 per cent, merchant banking sources said.
Midhani is one of the leading manufacturers of special steels, super alloys and only manufacturer of titanium alloys in India.