Kolkata-based Austral Coke and Projects got listed at Rs 206 on the Bombay Stock Exchange (BSE), a premium of 5.10 percent from the issue price of Rs 196.

The scrip gained strength and touched a high of Rs 308.80. It also touched a low of Rs 206 thus far. At 10:03 am, the company’s shares stood at Rs 297 after hitting a high of Rs 308.80 and a low of Rs 206.

BSE has assigned a scrip code 533,016 to the company, while its shares will trade in the `B` group.

In contrast, the company’s shares got listed at Rs 201.40 on the National Stock Exchange (NSE), a premium of 2.75 premium over the issue price of Rs 196.

The scrip touched a high of Rs 324.85 and a low of Rs 201.40 on the NSE. At 10:03 am, the company’s shares was trading at Rs 285.45.

The company entered the capital market during the last month (Aug 7) with an initial public offering (IPO) of 7.26 million equity shares of Rs 10 each for cash at a value to be determined through a 100% book-building process. Moreover, the company also has a green shoe option of up to 1.09 million equity shares.

The price band was fixed at Rs 196 per equity share. The public issue closed on Aug. 13 2008.

Prabhudas Lialladher, Saffron Capital Advisors, Allbank Finance and Ellara Capital (India) assisted the company in the whole process.

Established in 1994, Austral Coke & Projects Limited is engaged in the business of manufacturing LAM coke, refractory, trading of textile and equipment rentals. The company has had a wonderful expansion in the coke manufacturing industry for the last 3 years.

In the year 2006-07, the company’s total earnings from coke segment was more than 78.60 percent whereas that from equipments division was 19.01 percent.

The company proposes to utilize the net proceeds of the Issue for establishing 1,50,000 metric ton per annum (MTPA) of low ash metallurgical coke (LAM coke) and upto 8 mega watt (MW) captive power plant (CPP) at Sindhudurg Maharashtra besides, prepayment of debt and management of issue expense.