Gokul Refoils and Solvent settled at Rs 181.05 on BSE, a discount of 7.15% over issue price of Rs 195, on its debut.

The Gokul Refoils and Solvent stock debuted at Rs 203.45, a premium of 4.33% over the IPO price. The stock touched a high of Rs 222 and a low of Rs 176.30, during the day.

On BSE, the counter saw high volumes of 2.11 crore shares.

At current market price of Rs 181.05, the price earning (PE) works out to 17.75, based on the year ended March 2007 EPS of Rs 10.2.

The Gokul Refoils and Solvent IPO had ended on 13 May 2008 with 4.27 times subscription. The IPO received bids for 3.05 crore shares as against 71.58 lakh shares on offer. The company had fixed issue price at the top end of the Rs 175-Rs 195 per share IPO price band.

The qualified institutional buyers (QIBs) category was subscribed 2.72 times, the non institutional investors category was subscribed 6.58 times and the retail investors category was subscribed 5.59 times.

Gokul Refoils and Solvent is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing. At present the company has 680 tonnes per day (TPD) of seed processing, 600 TPD of solvent extraction, 1200 TPD of refining and 200 TPD of vanaspati manufacturing capacities.

The company plans to utilise the proceeds of the IPO for setting up a new 1500 tonnes per day (TPD) soyabean processing plant near Gandhidham, Gujarat; expansion of the existing edible oil refinery at Surat; investment in Singapore subsidiary; funding part of the long term working capital; brand building activities; investment in increasing warehousing capacities and continuous capex for exising units; general corporate purposes and for public issue expenses.

Gokul Refoils and Solvent reported a net profit of Rs 26.94 crore on sales of Rs 1562.49 crore in the year ended March 2007.