However, the stock attracted interests from institutional and retail investors as well as the session progressed and ended its first day at Rs. 247.80, with 15.25% premium over its issue price of Rs. 215.
This is the second company from dairy products manufacturing after Prabhat Dairy which got listed last year in September. Shares of Prabhat Dairy currently offer -12.26% return over its issue price of Rs. 115 a share.
Parag Milk Foods shares listed at Rs.235 on debut. 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.
On May 3, 2016, the Company had finalized the allocation of 1,51,03,935 equity shares to anchor investors at a price of Rs. 227 per equity share aggregating to Rs. 342.86 crore to anchor investors.