Jainam Ferro Alloys (I) Ltd. makes a strong debut on the bourses with scrip got listed at Rs 73.00 on the Bombay Stock Exchange, a 4.28 per cent premium to its issue price of Rs 70.00. On the National Stock Exchange, the stock was listed at Rs 73.00.

The company, which raised 0.28 Cr from initial public offering, was subscribed 6.29 times, receiving bids for 176.25 lakhs shares against the total issue size of 28.02 lakhs shares.

The company, listed under ST Group Securities post its IPO, opened for subscription from Sep 28 to Sep 30.

Following a strong opening, the scrip touched an intraday high of Rs [BSEHighPrice] and a low of Rs [NSEHighPrice], before closing the session [UpDown] by [ChangePer] per cent to its listing price at Rs [ClosingPriceBSE] on the NSE.

The company anticipates using the proceeds of the issue for To meet Working Capital requirements General Corporate Purpose To meet offer related expenses.

Hem Securities Ltd as lead managers & Bigshare Services Pvt. Ltd. is the registrar, to the issue.

Meanwhile, the broader benchmark NSE Nifty closed trade at 17,790.35, up 144.35 points, or 0.81 per cent.