Chennai-based non-voice BPO service provider, Vishal Information Technologies got listed on the National Stock Exchange (NSE) at a discount of 13.33% at Rs 130 as against its issue price of Rs 150.

The scrip gained strength and touched an intra-day high of Rs 184. It also touched an intra-day low of Rs 125.60 thus far. The scrip was trading around Rs 177 and more than 10.81 lakh shares exchanged hands on the NSE.

Similar movement was seen on the Bombay Stock Exchange, where the scrip of the company got listed at Rs 150.

The scrip touched an intra-day high of Rs 185 and an intra-day low of Rs 145 on the BSE. At 10.27 a.m. on the BSE, the scrip was trading at Rs 175.50, and about 17.96 lakh shares got traded within minutes of its listing.

The initial public offering (IPO) of the company had received total bids for 33,28,760 equity shares as against the total issue size of 27,90,000 equity shares and was subscribed 1.19 times.

The price band was fixed in range of Rs 140 to Rs 150 per equity share of Rs 10 each. Credit Analysis and Research (CARE) had assigned "IPO Grade 3'' to the Issue.

Vishal Information Technologies (Vishal IT), a company in the field of ITES/BPO services and a 51.5 per cent subsidiary of Tutis Information Technologies, provides IT-enabled services (ITeS) in the areas of data digitisation, e-publishing and digital library.

The company proposes to utilize the net proceeds of the Issue to part finance the cost of the proposed expansion of the facilities in Chennai and the cost of setting up of Quality Assurance Center and Marketing office in Mumbai.

VITL derives over 98% of its revenue from overseas clients. So, the issue proceeds would also be utilized for setting up of subsidiaries in UK and USA. Keynote Corporate Services and IDBI Capital Market Services are the BRLMs for the Issue.