A sheet of kraft paper comes out of the BHS corrugated machine. (Photographer: Susana Gonzalez/Bloomberg)

Astron Paper Surges 141.5% Over IPO Price On Stock Market Debut

Astron Paper & Board Mills Ltd.made its stock market debut at a premium of 128 percent at Rs 114 per share on the BSE Ltd. compared to its issue price of Rs 50 apiece. The stock rose as much as 141.50 percent to Rs 120 thereafter.

The Gujarat-based kraft paper maker’s Rs 70 crore initial public offering saw overwhelming demand with bidders subscribing 243.29 times till the final day.

Qualified institutional buyers subscribed 103.4 times their share while non-institutional investors bid for 396.99 times their share. Retail investors bid 76.26 times their share as well, PTI reported.

Panatomath Capital Advisors Pvt. Ltd. was the leading book running manager to the IPO.

The company caters to the packaging industry with products being supplied pan-India. It has a manufacturing facility in Gujarat with an installed capacity of 96,000 million tonnes per annum. Its manufacturing facility is situated at Halvad, Gujarat.