MIC Electronics at 121% premium to IPO price

Newly listed MIC Electronics Ltd. was at 121% premium to the initial offer price of Rs 150 per share.

The stock was trading at Rs 332 on the Bombay Stock Exchange, after opening at Rs 210, also the low so far. It had touched a high of Rs 349 earlier. The number of shares traded so far was 35.38 lakh.

On the National Stock Exchange, the stock listed at Rs 262.50 and shot up to Rs 330.10, up Rs 180 from the issue price. The high so far was Rs 367 and low Rs 253.

The company's 15 lakh share initial public offering was subscribed over 50 times, receiving an overwhelming response from foreign institutional investors and domestic mutual funds.

MIC Electronics is engaged in the design and manufacture of True Colour LED video display systems, and plans to use the IPO proceeds mainly for setting up additional facility for LED video modules at Cherlapally in Hyderabad and Roorkee.

Part of the funds will be used for acquisition of US-based company, InfoSTEP.