Indo Thai Securities lists at Rs 75 on BSE, up 12%

NEW DELHI: Indo Thai Securities, a stock broking firm surged over 15% in opening trade on Wednesday after opening at Rs 75 against its issue price of Rs 74 per share on the Bombay Stock Exchange (BSE).

The stock touched a high of Rs 86.50 and a low of Rs 60. At 10:20 a.m., shares of the company were trading 12.7% higher at Rs 83.40.

"The company will expand operations with the proceeds generated by IPO," said Paramal Doshi, Chairman, Indo Thai Securities in an interview with ET Now.

The company has raised Rs 29.6 crore through the initial public offer (IPO). The issue was subscribed 1.16 times, solely supported by retail investors.

Indo Thai Securities intends to use the issue proceeds for expansion, upgrading of its existing branches and setting up branch network, purchase of office space for Mumbai regional office and other corporate offices, brand building, advertising, augmenting long-term working capital requirement and general corporate purposes.