MCON Rasayan India Ltd. makes a strong debut on the bourses with scrip got listed at Rs 48.00 on the Bombay Stock Exchange, a 20.00 per cent premium to its issue price of Rs 40.00. On the National Stock Exchange, the stock was listed at Rs 48.00.

The company, which raised 0.17 Cr from initial public offering, was subscribed 410.87 times, receiving bids for 7,025.88 lakhs shares against the total issue size of 17.10 lakhs shares.

The company, listed under ST Group Securities post its IPO, opened for subscription from Mar 06 to Mar 10.

Following a strong opening, the scrip touched an intraday high of Rs 50.40 and a low of Rs 48.00, before closing the session up by 26.00 per cent to its listing price at Rs 50.40 on the NSE.

The company anticipates using the proceeds of the issue for .

GYR CAPITAL ADVISORS PRIVATE LIMITED as lead managers & Link Intime India Private Limited is the registrar, to the issue.

Meanwhile, the broader benchmark NSE Nifty closed trade at 16,988.40, down 111.65 points, or 0.65 per cent.