Spice Communications ended at Rs 60.65, a premium of 31.84% over the IPO price of Rs 46.

The scrip debuted at Rs 55.75. It touched a high of Rs 67.05 and a low of Rs 48.50

On BSE, 11.71 crore shares were traded in the scrip.

The company had raised Rs 528 crore in an initial public offering (IPO), which closed on 27 June 2007. The IPO was oversubscribed more than 37 times.

The IPO was priced at the top end of the Rs 41-Rs 46 price band.

The issue comprised 16.39% of Spice Communications’ fully diluted post-issue share capital.

Post IPO, Malaysia’s official service provider Telekom Malaysia (TM) holds 39%, while industrialist and Modi group Chairman B K Modi owns the remaining 41% stake. The public holding has increased to around 20%.

The company had earlier raised Rs 112 crore through a pre-IPO placement of 2.48 crore shares at Rs 45 each.

Spice Communications will use around 50% of the total proceeds to retire part of its Rs 1,000-crore debt, while the remaining would be used for expansion plans.

The company’s expansion plans include foraying into national long distance (NLD) and international long distance (ILD) services in the country.

Spice Communications reported net loss of Rs 41.80 crore on revenues of Rs 385.11 crore in the six months ended December 2006.

The company will not be listed on the National Stock Exchange (NSE) as it does not meet the criteria of financial track record prescribed by the NSE for new listings.