Affle India made a strong stock market debut on Thursday, surging nearly 27 per cent from its issue price. On the National Stock Exchange (NSE), the Affle India stock surged as much as 28.68 per cent to Rs 958.70 at the strongest point in the session, from its issue price of Rs 745. On the BSE, the Affle India share price climbed as much as 28.63 per cent to hit Rs 958.30 at the day's highest level. Gurugram-based mobile marketing platform Affle India's (IPO) initial public offer worth Rs 459 crore had received strong demand last month.
On Thursday, the first day of trading for the stock, Affle India opened at Rs 929.90 on the BSE, marking a gain of 24.81 per cent from its issue price. On the broader NSE, the Affle India stock opened 24.30 per cent higher compared to the issue price.
Affle India's three-day initial public offer (IPO) concluded on July 31, in which the company sold shares in a price band of Rs 740-745. Affle India's Rs 459-crore IPO was subscribed 86.45 times on the final day of bidding, according to news agency Press Trust of India.
The company will use the proceeds from the IPO for funding its working capital requirements and towards general corporate purposes, according to its red herring prospectus filed with market regulatory Sebi or Securities and Exchange Board of India.
At 10:59 am, Affle India shares traded 14.29 per cent lower at Rs 797 from the opening level, but were up 7 per cent from the issue price on the BSE.
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