Sonaselection India Ltd makes a strong stock market debut, listing above its IPO price and rising further to hit the day’s upper circuit limits on both the BSE and NSE. On Thursday, the shares open around ₹102 on the BSE and ₹102.31 on the NSE, above the IPO issue price of ₹99.
The stock subsequently climbs to about ₹107, reaching the upper circuit cap for the session. The Free Press Journal reports the BSE upper circuit limit at ₹107.09 (about 8.17% above the IPO price) and the NSE upper circuit limit at ₹107.42 (about 8.50% above the IPO price), with a reported market valuation of ₹608.58 crore. NDTV also highlights that the company lists with a premium of more than 3% and posts notable gains across both exchanges.
In terms of the IPO background, the Free Press Journal says the ₹141.6 crore IPO is a pure fresh issue, is subscribed about two times by the end of bidding, and had a price band of ₹94–₹99. It also states the proceeds are used to repay debt, buy plant and machinery, and meet general corporate expenses.
