The shares of Shankara Building Products, which manufactures building products, closed at Rs 632.80 on BSE, up 37.57% from its issue price of Rs460 a share. Mumbai: Shares of Shankara Building Products Ltd (SBPL) on Wednesday closed up 37.57% at Rs632.80 on debut, following subscription of 41.6 times for the initial public offering (IPO) of Rs350 crore last week. Shankara Building plans to use around 10% of the funds to retire debt and the rest for general corporate purposes. For fiscal year 2016, Shankara Building posted a consolidated net profit of Rs41.3 crore, up 82.7% from a year ago, while net sales were at Rs2,035.9 crore, up 2.9%. The IPO comprised a fresh issue of shares worth Rs50 crore and an offer for sale of nearly 1 million shares by managing director Sukumar Srinivas and 5.7 million shares by Fairwinds.

Source: Mint April 05, 2017 05:14 UTC