Yash Birla group firm Birla Cotsyn on Wednesday listed at a premium of 5 per cent over its issue price of Rs 14 on the Bombay Stock Exchange.
The scrip opened at Rs 14.70, touched a high of Rs 17.50 in the early morning trade. The company listed over 11.66 crore shares on the bourses.
Similar movements were witnessed on the National Stock Exchange where the scrip opened at Rs 14.90, which was also its intra-day high.
It was later trading at Rs 12.90 on the BSE and Rs 12.95 on the NSE at 1006 hrs. Over 8.97 lakh shares changed hands on the bourses in the first few minutes of trade.
The textile manufacturing firm had raised about Rs 125 crore through its initial public offer of 8.96 crore shares earlier this month.
The company would utilise the issue proceeds to set up an integrated textile unit and a garment manufacturing plant at its existing facilities in Maharashtra and also fund the firm's foray into retail outlets it plans to set up across the country.