Parag Milk shares soar over 14% after stock market debut

Dairy firm Parag Milk Foods listed its shares on the bourses on Thursday and made a muted debut at the bourses today but later surged over 14% against the issue price of Rs 215.

At 1053 hours, Parag Milk Foods’ stock was dealing at Rs 237.45, up Rs 21.75 or 10.08% on the BSE and at Rs 237.20, up Rs 19.70 or 9.06% on the National Stock Exchange (NSE).

The company's Rs 760-crore initial public offering (IPO), which was extended by three days, was oversubscribed 1.83 times on the final day of the offer which ended on May 11.

The issue period was from May 4-11.

Parag Milk had also revised price band to Rs 215-227 per share. The price band was previously fixed at Rs 220-227.

The book running lead managers to the issue were Kotak Mahindra Capital Company, JM Financial Institutional Securities, IDFC Securities and Motilal Oswal Investment Advisors Private.

Maharashtra-based Parag Milk, which began operations in 1992, is a leading manufacturer and marketer of dairy-based branded foods in the country. 

(With inputs from PTI)