Austral Coke and Projects ended at Rs 225.20 on BSE, a 14.89% premium over issue price of Rs 196The counter saw volumes of 1.88 crore shares on BSE. The stock hit a high of 308.80 and a low of Rs Rs 206.
Austral Coke and Projects debuted today on BSE at Rs 206, a 5.10% premium over its issue price of Rs 196.
The company fixed the issue price at the top end of price band of Rs 164 to Rs 196. The IPO was subscribed 1.65 times. The issue opened on 7 August 2008 and closed on 13 August 2008.
Austral Coke manufactures low ash metallurgical coke. It is also in the business of equipment rental, refractory and textile trading. The company plans to use the IPO proceeds to finance its expansion. It is planning a 1,50,000 tonne per annum LAM coke unit and a 8 megawatt captive power plant through waste heat recovery. The project is coming up at Sindhudurg in Maharashtra.
The company also plans to utilize the funds for acquiring coal mines either in Indian or abroad and retire high cost debt.
Austral Coke had concluded pre-IPO placement of 27.4 lakh shares to Somerset India Fund at Rs 196 per share, aggregating to Rs 53.70 crore.
The company reported net profit of Rs 35.17 crore on sales of Rs 226.66 crore in eleven months period ended February 2008.
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