Shares of Max Alert Systems, a Mumbai based project company with focus in areas as diverse as mining, fire fighting systems and telecommunications, rallied as much as 157.5% to Rs 51.50 in early trade on listing day.
At 11:08 hours IST, the stock was trading at Rs 49.25, up 146.25% over issue price of Rs 20. There is a 5% circuit limit for the stock on either side, with upside limit is Rs 54.05 and downside Rs 48.95.
Company had launched its Rs 8-crore IPO during June 28-July 2, 2012. Issue proceeds will be used for setting up of crushing plant (with an outlay of Rs 8.6 crore).