Three new companies were listed on the bourses on Wednesday. MIC Electronics closed at Rs 335.65, a rise of 123.5 per cent compared with the issue price to record the fifth largest rise on the debut day.

The shares of the Hyderabad-based company listed at Rs 210.25, a premium of 40.16 per cent to the issue price of Rs 150 a share. The shares hit a high of Rs 367.80 during the day.

The company, which is a provider of video displays and telecommunication software, raised Rs 76.5 crore by selling 5.1 million shares through the initial public offering. Over 10 million shares changed hands on the BSE.

Insecticides India, the second listing, however, fared badly on debut, ending the day at Rs 110.70, a discount of 4.3 per cent to the issue price of Rs 115 a share.

The company's shares had listed at Rs 105, a discount of 8.6 per cent to the issue price. The company raised Rs 37 crore by selling 3.21 million shares through the IPO. A total of 46,45,681 shares were traded on the BSE.

McDowell Holdings (MHL) was the third listing on Wednesday.

The shares listed at Rs 195.60, which is 20 per cent higher than the base price of Rs 163 set by the exchanges to calculate the daily circuit filter.

The listing of Mcdowell Holdings follows a restructuring scheme undertaken at United Spirits (USL), where the investment business of USL was transferred to MHL as a going concern. MHL had alloted equity shares to the shareholders in the ratio of one equity share for every 5 shares held in USL.

The gains made by MIC Electronics on the listing day placed the stock among the top five gainers on the listing day. The top four gainers on the listing day were Tantia Construction (340 per cent), Nissan Copper (230.26 per cent), Cambridge Tech (163.03 per cent) and ICRA (143 per cent). Global Broadcast News, whose shares listed at a premium of 104 per cent, now stands in the sixth position.

Deven Choksey of KR Choksey Securities is of the view that one can stay invested in MIC Electronics

Choksey told CNBC-TV18, "If my intention is to stay invested in MIC Electronics then definitely I will not book the profits because I find the business model of this company quite promising. The numbers we will have to catch on thereafter but on the face of it, it is looking extremely promising. So I wouldn’t like to get out of this company because I have got allotment of few shares at this point of time. But, if I have intention to just book profit after IPO allotment then this is the good time; I may not know whether I will get better but I think this is a good time to book some profit."

Our Bureau
Mumbai May 30 MIC Electronics Ltd made its debut on the BSE at a 40.17 per cent premium at Rs 210.25 against its issue price of Rs 150. The stock closed at Rs 335.65 after hitting an intra-day high of Rs 367.80.

On the NSE, the company got listed at a 75 per cent premium at Rs 262.50. The stock closed at Rs 338.15 after reaching an intra-day high of Rs 368 and a low of Rs 253.

The total traded quantity of shares was1.45 lakh shares and 2.01 lakh shares on the BSE and NSE respectively.