Shankara Building Products lists at 25 per cent premium

The share price of Shankara Building Products listed at a premium of 18.48 per cent at Rs 545. The share price of company is trading at Rs 575 with a gain of 25 per cent on an intraday basis. Its IPO has garnered about Rs 350 crore. The price band of the IPO was at Rs 440-460 per share.

The company’s IPO comprised fresh issue of shares worth Rs 45 crore, and an offer for sale of little over 65 lakh shares.

Shankara Building Products’ IPO was oversubscribed 41.6 times during the bidding period of March 22-24. The company’s public issue for qualified institutional buyers (QIBs) was oversubscribed 51.62 times, while the non-institutional investor category was oversubscribed 90.68 times. The retail investor category was oversubscribed 15.35 times.

IDFC Bank, Equirus Capital and HDFC Bank were book running lead managers to the offer.

Shankara Building Products operates 103 stores, spread across nine states and one Union territory. It also provides customised solutions to enterprise customers through bespoke steel products, which is backward integrated through its own processing facilities in select building products.