Shyam Metalics and Energy (SMEL) made a strong debut on the bourses, with the stock listing at Rs 380, a 24 per cent premium over its issue price of Rs 306 per share, on the National Stock Exchange (NSE) on Thursday.

On the BSE, the stock listed at Rs 367, a 20 per cent premium over the issue price. However, it surged to Rs 399, a 30 per cent premium against its issue price in intra-day deals. The SMEL was trading at Rs 394, a 29 per cent premium on the NSE and BSE. A combined 7.7 million shares have changed hands on both the exchanges so far.

The Rs 909 crore initial public offering (IPO) had witnessed robust demand from investors as the issue was subscribed 121.4 times. The metal producer has fixed the price band of Rs 303-306 for the IPO.

The issue saw stellar demand from the most investor group. Qualified institutional buyers and non-institutional investors were the biggest subscribers to the issue as their portions were subscribed 156 times and 340 times, respectively. The portion kept aside for retail investors was also subscribed 11.6 times.

SMEL is a long steel product and ferroalloy company based in Kolkata, with manufacturing plants at Sambalpur in Odisha and Jamuria and Mangalpur in West Bengal.

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