As against its issue price of Rs 150, the shares of Kiri Dyes and Chemicals, an Ahmedabad based manufacturer of reactive dyes and dye intermediates, got listed at Rs 184 on the Bombay Stock exchange (BSE).

At 10:02 am, the stock was trading at Rs 198.65, up 32.43 per cent or Rs 48.65. The total traded quantity was 10,04,016 shares. It touched an intraday high of Rs 228.70 and a low of Rs 184.

On the BSE, the stock stood at Rs 198.10, up 32.06% on volume of 9,83,897 shares. It touched a high of Rs 204 and low of Rs 151 in early trade.

The company had entered capital market on March 25, with its IPO of 37,50,000 equity shares of Rs 10 for cash. The initial public offering was subscribed 1.43 times.

The issue raised funds for executing its backward integration project for manufacturing three key raw materials for dye intermediates.

Kiri Dyes and Chemicals is an Ahmedabad based manufacturer of reactive dyes and dye intermediates. Its production hub is located in Gujarat having a total production capacity of 10,800 MTPA. Its products cater to textiles, leather, paint and printing-ink industries.

The company supplies reactive, acid, and direct dyes as well as dye-intermediates in various forms like standardized spray dried, powder, crude and reverse osmosis. It also manufactures and markets acid dyes and direct dyes.