SH Kelkar shares make steller debut, ends 15% up against issue price

Fragrance maker SH Kelkar and Company made its stock market debut on BSE with a premium of 23 per cent at Rs 222 against the issue price of Rs 180.

The stock ended the day 15.16 per cent up after hitting an intraday high of Rs 222.70, up 23.72 per cent against the issue price.

On NSE, the stock settled at Rs 208.25.   

The company's Rs 500-crore initial public offer (IPO) which closed last month had received an overwhelming response from investors and was over-subscribed 27.08 times.

This was the fourth IPO this year, after VRL Logistics, Power Mech Projects and Syngene International, to receive such a strong response in terms of subscription.

S H Kelkar would be the third company after InterGlobe Aviation and Coffee Day Enterprises to make its stock market debut this month.

Shares of IndiGo's parent company InterGlobe Aviation made a remarkable debut on the bourses last week, surging nearly 15 per cent, over the issue price of Rs 765 per share.

In contrast, Coffee Day Enterprises, which runs Cafe Coffee Day outlets, made a sluggish debut on the exchanges earlier this month. The company is currently trading at Rs 265.10, way below its issue price of Rs 328.