Resurgere Mines to follow GSS America, SELMCL

Resurgere Mines & Minerals India Limited (Formerly Exfin Shipping (India) Ltd.) is presently engaged in the business of extraction and processing of iron ore products ie lump ore and size ore, and is predominantly a manufacturer of calibrated lump ore (CLO) and Iron Ore Fines. The company recently came out with an IPO and the issue size was about 44 lakh shares .It was hardly subscribed 2 times. The issue price was 270 and got listed at 300 on Monday. Same day it went upto an high of 570 and closed at 515 (volume of over 3 crore shares), a listing gain of almost 100%. On Tuesday it went up another 100rs to close at 620, with a volume of over 2 crore shares.The scrip is clearly driven up by smart players out there, as in the case of SELMCL, GSS America, VITL Info. Investors are cautioned here that they do no get caught in this new IPO trap.