Apex Frozen Foods hits upper circuit of 20% post stellar debut
STOCK MARKET - Apex Frozen Foods, that deals in aquaculture products, made a stellar debut on the bourses on Monday by listing at Rs 199.90 on the BSE, over 14% premium to its issue price of Rs 175. The stock rallied as much as 20% against issue price to hit its upper circuit of Rs 209.85 on the BSE. On the NSE, the stock listed at Rs 202 and advanced 21% to clock its intraday high of Rs 212.
The initial public offer (IPO) of Apex Frozen Foods was subscribed more than six times on the final day of the bidding on August 24. The IPO, with an aim to raise up to Rs 152 crore, received bids for 3,78,71,280 shares as against the total issue size of 62,10,000, indicating a subscription of 6.10 times, Apex Frozen Foods said in a statement. Of these, high networth individuals and retail categories were subscribed 7.82 times and 8.46 times respectively, while the portion reserved for qualified institutional buyers was subscribed 1.91 times, it added.
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