Polaris Software debuts on MSE at Rs 675

Polaris Software Lab Ltd. began trading at the Madras Stock Exchange (MSE) at a price of Rs 675 per share representing a 221 per cent premium over the offer price of Rs 210 per share.

On the first day, the counter witnessed an upsurge in buying which saw the scrip touching a day's high of Rs 700 before profit booking pulled it down to Rs 540 levels. The scrip closed at Rs 565 and 12,500 shares were traded. The initial demand for the scrip was such that MSE had to relax the ceiling four times between Rs 540 and Rs 675 levels before the first trade could take place.

The Polaris IPO comprised 35,12,500 shares of Rs 10 each at a premium of Rs 200 per share aggregating to Rs 73.476 crore and an offer of sale by existing members of 8,53,150 shares at a premium of Rs 210 per share aggregating Rs 17.92 crore.