Shares of Goyal Salt Ltd dropped 5 percent in trade on Thursday a day after a stellar market debut. The stock was listed on NSE SME on Wednesday, October 11 at a 242 percent premium at Rs 130 per share compared to its IPO price of Rs 38.

However, on the second day of its trading on Thursday the stock opened lower at Rs 129.30 apiece on NSE compared to its previous close of Rs 136.10. Shares of the company were trading 2.28 percent lower at Rs 133 per piece at 1:30 PM

The public issue of Goyal Salt had evoked tremendous interest among investors, with subscriptions reaching as high as 294.16 times. The GMP for Goyal Salt’s shares was Rs 39 before it hit the market and analysts expected a likely listing price of Rs 77. These positive signs pointed towards strong market performance and it initially performed way better than the expectations by opening 68.8 percent higher than the estimated value.

The company is engaged in raw salt production and it has a market capitalisation of Rs 238 crore.

Goyal Salt’s Rs 18.63 crore IPO witnessed impressive response from investors with the retail segment subscribing 378 times. In addition, the qualified institutional buyers (QIBs) and high net worth individuals (HNIs) segments were subscribed 67.2 and 382.45 times, respectively, according to a Moneycontrol report.

Goyal Salt had closed its pre-listing round by raising Rs 5 crore from anchor investors prior to its initial public offering. Furthermore, Meru Investment Fund PCC – CELL 1 and Tryrock Capital Trust I were among the anchor investors.