State-run warship maker Mazagon Dock Shipbuilders Ltd made a stellar debut on the stock exchanges on Monday with its shares rising nearly 50% before paring some gains, while India's eight-largest mutual fund house UTI Asset Management Company Ltd made a weak start to its market journey.
Shares of Mazagon Dock began trading on the BSE at Rs 216.25 apiece compared with the initial public offering (IPO) price of Rs 145 per share. The stock closed at Rs 173 apiece.
This gives the company a market capitalisation of Rs 3,489 crore compared with a valuation of Rs 2,925.4 crore it sought through the IPO.
The spectacular debut follows an IPO that was covered 157.4 times with strong demand from all categories of investors -- the issue receiving full subscription on the first day itself.
Meanwhile, UTI AMC shares began trading on the BSE at Rs 490.25 apiece compared with the IPO price of Rs 554 apiece -- a fall of 11%.
The shares closed at Rs 476.60 apiece. This gives it a market capitalisation of Rs 6,042.7 crore.