Prabhat Dairy makes lacklustre debut on bourses

Shares of Prabhat Dairy, an integrated milk and dairy products company, made a sluggish debut on the bourses on Monday, falling nearly 2% over the issue price of Rs 115. 

The stock listed at Rs 115 on BSE. 

On the NSE, the company debuted at Rs 113, down 1.73%, compared to the issue price. 

The stock later shrugged off the initial weakness and was quoting at Rs 116.60, a gain of 1.39%. 

The company's initial public offer (IPO), which was opened for subscription during August 28-September 4, had managed to sail through after lowering the price band to Rs 115-126 from Rs 140-147 a share. 

Earlier this month, Prabhat Dairy had successfully concluded its IPO comprising a fresh issue aggregating up to Rs 300 crore and an offer for sale of up to 1.47 crore shares. 

The proceeds from the fresh issue would be used for repayment of loans, capital expenditure and general corporate purpose.