Shares of local search company Justdial, climbed on the first day of trading after its Rs 950 cr initial public offering last month.
Justdial which listed on the National Stock Exchange today at Rs 590, closed at Rs 605, up 14.15%. Shares touched an intra-day high of 631.9 and a low of 581.15.
Over 12 million shares of the company were traded on Wednesday.
Shares of the company which sought to raise Rs 950 cr from the markets, was 11 times over subscribed (read: Justdial IPO 11x Over subscribed).
The company, which had once shelved its IPO plans (read: Justdial files for IPO : But Why?), sold 17.5 million shares to raise money. Promoters and existing investors sold their stake in the company and no fresh shares were issued.
Although some analysts were skeptical of the issue, as it facilitated an exit for investors and promoters and did not bring in any money into the company, the markets seem to be liking the company.