Midfield Industries surges on debut

Settles at Rs 163.05 on BSE

Midfield Industries settled at Rs 163.05 on BSE, a 22.59% premium over the initial public offer price of Rs 133. The stock debuted at Rs 159.40, a 19.85% premium over the initial public offer (IPO) price. The stock hit a high of Rs 174.90 and a low of Rs 150. On BSE, 2.38 crore shares were traded on the counter.



The IPO of industrial packaging firm Midfield Industries closed on 21 July 2010, with a subscription of 12.92 times. The IPO got bids for 5.81 crore shares, compared with 45 lakh shares on offer.

The qualified institutional buyers (QIBs) category was subscribed 1.86 times, the non-institutional investors category was subscribed 48.41 times and retail individual investors (RIIs) category was subscribed 13.51 times.

The company had priced the IPO at the top end of the 126-133 per share price band. The purpose of the IPO was to fund capacity expansion at existing facilities, setting up new facilities and meet enhanced working capital needs.

Midfield Industries has presence in the organized segment of the packaging industry catering to the growing demand for industrial packaging consumables in India. The company's net profit rose 37.7% to Rs 8.14 crore on 8.9% rise in net sales to Rs 87.73 crore in the year ended March 2010 over the year ended March 2009.