Parag Milk shares stage decent debut, surge 14% against issue price

Dairy firm Parag Milk Foods staged a decent debut on the bourses and listed at Rs 215.70 on the Bombay Stock Exchange (BSE) with a premium of 0.32 per cent against its issue price of Rs 215.

The stock, however, surged as much as 14 per cent to Rs 245.10 on BSE.

On NSE, the scrip listed at Rs 217.50, a premium of 1.15 per cent against the issue price.   

The dairy company's Rs 760-crore initial public offering (IPO), which was extended by three days, was oversubscribed 1.83 times on the final day of the offer which ended on May 11.

The issue period was from May 4-11.

Parag Milk had also revised price band to Rs 215-227 per share.

The price band was previously fixed at Rs 220-227.

The book running lead managers to the issue were Kotak Mahindra Capital Company, JM Financial Institutional Securities, IDFC Securities and Motilal Oswal Investment Advisors Private.

Maharashtra-based Parag Milk, which began operations in 1992, is a leading manufacturers and marketers of dairy-based branded foods in the country.