S H Kelkar to make stock market debut tomorrow

New Delhi: Fragrance maker S H Kelkar and Company will make its stock market debut tomorrow with the listing of its shares on BSE and NSE.

The company's Rs 500-crore initial public offer(IPO) which closed last month had received an overwhelming response from investors and was over-subscribed 27.08 times.

This was the fourth IPO this year, after VRL Logistics, Power Mech Projects and Syngene International, to receive such a strong response in terms of subscription.

"Trading Members of the exchange are informed that effective from Monday, the equity shares of S H Kelkar and Company shall be listed and admitted to dealings in the list of 'B' group of securities", BSE said in a notice on Friday.

The price band for the IPO was fixed at Rs 173-180 per share. The company has fixed the issue price at Rs 180 per share, the upper end of the price band.

S H Kelkar would be the third company after InterGlobe Aviation and Coffee Day Enterprises to make its stock market debut this month.

Shares of IndiGo's parent company InterGlobe Aviation made a remarkable debut on the bourses last week, surging nearly 15 per cent, over the issue price of Rs 765 per share.

The stock is at present quoting at Rs 1,003.25.

In contrast, Coffee Day Enterprises, which runs Cafe Coffee Day outlets, made a sluggish debut on the exchanges earlier this month. The company is currently trading at Rs 265.10, way below its issue price of Rs 328