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S.H. Kelkar to make stock market debut on Monday

Fragrance maker S.H. Kelkar and Co. Ltd will make its stock market debut on Monday with listing of its shares on the BSE and NSE. The company’s Rs.500-crore initial public offer (IPO) which closed last month had received an overwhelming response from investors and was over-subscribed 27.08 times. This was the fourth IPO this year, after VRL Logistics Ltd, Power Mech Projects Ltd and Syngene International Ltd, to receive such a strong response in terms of subscription.

“Trading Members of the exchange are informed that effective from Monday, the equity shares of S.H. Kelkar and Co. shall be listed and admitted to dealings in the list of ‘B’ group of securities”, BSE said in a notice on Friday. The price band for the IPO was fixed at Rs.173-180 per share. The company has fixed the issue price at Rs.180 per share, the upper end of the price band.

S.H. Kelkar would be the third company after InterGlobe Aviation Ltd and Coffee Day Enterprises Ltd to make its stock market debut this month. Shares of InterGlobe Aviation made a remarkable debut on the bourses last week, surging nearly 15%, over the issue price of Rs.765 per share. The stock is at present quoting at Rs.1,003.25. In contrast, Coffee Day Enterprises, which runs Cafe Coffee Day outlets, made a sluggish debut on the exchanges earlier this month. The company is currently trading at Rs.265.10, way below its issue price of Rs.328.

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