New Delhi: Shares of asset management company Gaza Alternative Asset Management Limited made a strong debut on the stock market on Wednesday. The company's shares were listed with a gain of about 16 percent compared to its issue price of Rs 160.
The company's shares opened at Rs 185.20 on BSE, 15.75 per cent higher than the issue price. At the same time, the share was listed on NSE at Rs 185, which means it registered a rise of 15.62 percent compared to the issue price.
Market valuation exceeds Rs 2,481 crore
After a strong listing in the stock market, the market valuation of the company stood at around Rs 2,481.07 crore. After the strong response to the IPO from investors, there was a good rise in the company's shares even upon listing.
IPO was worth Rs 550 crore
The total IPO of Gaza Alternative Asset Management was worth Rs 550 crore. The company had fixed the price range of Rs 152 to Rs 160 per share for this.
The last date for bidding for the IPO was Friday. The company's issue was subscribed 31.33 times on the last day. That means investors bid for more than 31 times more shares than the available shares.
The money received from IPO will be used for these purposes
According to the company, the amount raised by issuing new shares will be used for various business needs. This includes repayment of debt, initial investment in new funds and use of funds for general corporate purposes.
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