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Apr 22 2008 12:00AM
Kiri Dyes and Chemicals attracts 5.7% premium debut
Kiri Dyes and Chemicals settled at a premium of 5.7% at Rs 158.55 on BSE over the initial public offer (IPO) price of Rs 150 debut today.The stock debuted at Rs 151 a premium of 0.06% over initial price offer (IPO) of Rs 150. On BSE, 35.10 lakh shares were traded in the counter. The stock hit a high of Rs 204 and a low of Rs 151.The company had fixed the issue price at the top end of the Rs 125 - Rs 150 IPO price band.The current price Rs 158.55 discounts the year ended March 2007 EPS of Rs 5.8 by a PE multiple of 27.33.The initial public offering (IPO) of Kiri Dyes and Chemicals which ended on 2 April 2008, was subscribed 1.43 times. The IPO received bids for 53.64 lakh shares as against37.5 lakh shares on offer. The qualified institutional buyers (QIBs) portion was subscribed 0.78 times, the non institutional investors portion was subscribed 1.35 times and the retail investors portion was subscribed 2.38 times.Kiri Dyes and Chemicals manufactures reactive dyes and dye intermediates. Its 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|
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