Sudar Garments, the makers of apparels made a very strong entry into the National Stock Exchange on Friday. They opened with a premium of 4 per cent as against an issue price of Rs. 77.

When the shares of the apparel maker entered onto the NSE, it was up by 3.96 per cent at an issue price of Rs. 80.05 apiece. Just with a few minutes of trading, the shares shot up by 17.79 per cent to be at a high of Rs. 90.70.

Surprisingly, it happened at a time when the BSE and the NSE were both down after showing a weak opening. Stock of the company continued to see buying interest and zoomed up by 17.85 per cent after touching a peak of Rs. 90.75.

Price band fixed by the company was at Rs 72-77 a share and the total money that it was able to raise was Rs. 70 crore through the IPO. The money thus raised is going to be used for expanding its existing operation and also setting up more retail outlets.

It has its unit at Khalapur, in Maharashtra.