Mahanagar Gas trades 26% up on its first day listing

Mumbai’s sole distributor of compressed national Gas (CNG) & piped natural gas (PNG), Mahanagar Gas made its stock market debut on Friday 1, July.

During its first trading session, MGL started off with a big bang. The shares of the company are trading above 111.20 points from its set upper price band of Rs. 421. It has nearly soared 26% at Rs. 532.50.

It opened at Rs. 540 and has reached a high of Rs. 549.15 and low of Rs. 530.30. Total traded quantity on BSE stood at 15.86 lakh shares.

MGL commenced on exchange by opening an Initial Public Offering (IPO ) of 2.47 crore shares through 100% book building process, from which 2 lakh shares are employee.

The IPO stood for three day trading session from June 21 - June 23, 2016. The price band offered for the issues was fixed at Rs. 380 to Rs.421. The promoters of the company Gail India and BG Asia Pacific Holdings (BGAPH) will sell up to 1.23 crore shares each.

Last week, the company’s initial share sale was was oversubscribed 64.54 times. The money raised from IPO would accrue to the promoters who are selling their stake.

@mahanagargas SHARES RISE 30% ON DEBUT pic.twitter.com/M3w5H25GER

— Zee Business (@ZeeBusiness) July 1, 2016