Upper circuit in the shares of Ather Industries on the first day
Ather Industries Share Price: Shares of Ather Industries touched the upper circuit of 10 per cent in the stock markets after making a good start on Friday. Shares of Specialty Chemicals Company were listed on the NSE and BSE with a premium of 10 per cent over its issue price of Rs 642.
The stock made its debut at Rs 704 on the NSE, jumping 9.65 per cent over the issue price. After this it gained 10 per cent (total 20.62 per cent) to reach Rs 774.40 from the upper circuit.
On BSE, it got listed at Rs 706.15 at issue price, giving a return of 9.99 per cent. This took the upper circuit to Rs 776.75 with a gain of 10 per cent (total 20.99 per cent).
The upper circuit in the markets is the highest possible level/price of a stock that it can trade in a day. It is also an indication that there are not only buyers and sellers for the stock at the time.
Ather Industries’ initial public offering was subscribed 6.26 times last month. The initial share sale included fresh issue of up to Rs 627 crore and offer for sale of 28,20,000 equity shares. Its price range was Rs 610-642 per share.
The company said the proceeds from the fresh issue will be used to fund capital expenditure requirements, working capital requirements and pay off debt for the proposed new project in Surat.
The Surat-headquartered company produces advanced intermediate and specialty chemicals incorporating complex and differentiated chemistry and technology core competencies. The company was incorporated in 2013.