Shares of Birla Pacific Medspa , a Yash Birla Group Company, surged 48% in the opening trade to touch a high of Rs 14.80 as against issue price of Rs 10.
At 9:52 hours IST, a share was trading at Rs 12.55, with rising 25.5%, after opening at Rs 10.10 on the Bombay Stock Exchange.
Company operates med spa centres under the brand name EVOLVE. A med spa or medical spa is a hybrid between a medical clinic and a day spa and operates under the supervision of medical doctor.
Birla Pacific Medspa raised Rs 65 crore through an IPO of 651.75 lakh equity shares. Company is going to utilise Rs 49 crore for establishing 55 'Evolve' outlets, around Rs 6 crore for brand building and the balance for meeting working capital, Issue and other preliminary expenses.
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