Shares of Aster Silicates Ltd., which doubled in their stock market debut on Wednesday, gained another 16% today.
The stock ended at Rs245, up ~Rs32 compared to the previous close of Rs205. It touched a high of Rs246 and a low of Rs191 after opening at Rs209. Total traded volume on the counter stood at 27.54mn shares on the NSE.
The issue price was fixed at the higher end of the price band of Rs112-118 a share. The IPO of sodium silicate maker was open between June 24 and June 28. The issue was subscribed 4.47 times.
Sodium silicate includes food grade sodium silicate, special drilling grade silicate and detergent grade silicate. Aster produces sodium silicate both in glass and liquid form.
Food grade sodium silicate is used in the manufacturing of Silica precipitate and Gel, which finds its applications in toothpaste, salt, cosmetics, glucose powder, tyre, rubber and pesticides etc.
Sodium silicate, (special drilling grade silicate) is also used in off-shore drilling and for reactivation of old oil and gas fields.
Aster intends to use issue proceeds for expansion of manufacturing facilities and additional working capital requirements.