Kiri Dyes debuts with 22.67 pc premium at Rs 184 on NSE

Mumbai, Apr 22 (UNI) Kiri Dyes&Chemicals, manufacturer of reactive dyes also known as Synthetic Organic and Dye Intermediates, has been listed at Rs 184 on the NSE, at a premium of 22.67 per cent over its issue price of Rs 150.

The share was trading at Rs 193. The total traded quantity was 2,31,173 shares and the turnover was Rs 458.39 lakh. It has touched an intraday high of Rs 228.70 and an intraday low of Rs 184, a leading broker said.

The stock opened at Rs 151 on the BSE. It was quoting at Rs 198.10. Its intraday high and low was at Rs 204 and Rs 151 respectively with 35.10 lakh shares traded in the counter.

The Company had entered capital market with its IPO of 37,50,000 equity shares of Rs 10 for cash at a price determined through 100 per cent book building process.

The Company had fixed the issue in a price band of Rs 125 - Rs 150.

The IPO of Kiri Dyes and Chemicals which ended on April 2, was subscribed 1.43 times. The IPO received bids for 53.64 lakh shares as against 37.5 lakh shares offered.

The Company's production plants are located in Gujarat- three units in Ahmedabad and one unit in Vadodara.

The Company aims to utilise the IPO proceeds on its backward integration project for manufacturing three key raw materials for dye intermediates.

Kiri Dyes and Chemicals reported profit after tax of Rs 8.63 crore on sales of Rs 133.76 crore in the year ended March 2007.

UNI AR DB AG1345