Apex Frozen Foods shares hit upper circuit after smart debut

Shares of Apex Frozen Foods that

deals in aquaculture products made a smart stock market debut

today, rising over 15 per cent against the issue price of Rs

175.

The stock debuted at Rs 199.90, up 14.22 per cent from

the issue price on BSE. It later soared 19.91 per cent to Rs

209.85 - its upper circuit limit.

On NSE, it listed at Rs 202, reflecting a jump of 15.42

per cent.

On the equity volume front, 2.35 lakh shares of the

company were traded on BSE and over 14 lakh shares changed

hands at NSE during the morning trade.

The initial public offer (IPO) of up to Rs 152 crore of

Apex Frozen Foods was oversubscribed 6.14 times.

The portion set aside for qualified institutional buyers

(QIBs) was oversubscribed 1.91 times, non-institutional

investors 7.82 times and retail investors 8.53 times.

The IPO's price band was fixed at Rs 171-175.

Proceeds from the issue will be utilised towards setting

up a new shrimp processing unit with a capacity of 20,000

tonnes per annum in Andhra Pradesh and for general corporate

purposes.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)