Astron Paper and Board Mill makes spectacular market debut

Key Highlights:

• IPO was open for subscription from December 15 to 20 
• The price band was fixed at Rs 45-50 per share
• Pantomath Capital Advisors is the book-running lead manager

Astron Paper and Board Mill made a spectacular market debut today, surging over 140% from its issue price.
 
The Kraft paper manufacturer's shares listed on the BSE at Rs 114, up 128%, against its issue price of Rs 50. The Rs 70-crore IPO was oversubscribed by 243.29 times.
 
The initial public offering (IPO) was open for subscription from December 15 to 20 with a price band of Rs 45-50 per share. The stock was trading at Rs 120.75 or up 141.50 at 11 am on the NSE.
 
Net proceeds of the share sale will be utilised for setting up an additional facility for manufacturing of Kraft Paper, part repayment of unsecured loan, funding working capital requirements and other general corporate purposes, according to a Mint report.
 
Pantomath Capital Advisors is the book-running lead manager to the issue.
 
Incorporated in 2010, Astron Paper and Board Mill mainly caters to the packaging industry. The company has a manufacturing facility in Gujarat with an installed capacity of 96,000 mt per annum.