Shivalic Power Control stock soars 221% on market debut on NSE SME platform
Shivalic Power Control stock soars 221% on market debut on NSE SME platform
Shares of Shivalic Power Control made a bumper debut on exchanges on July 1 as the stock listed at Rs 311, a premium of 221 percent over the issue price of Rs 100 on the NSE SME platform.
The issue was open for subscription from June 24 to June 26. The SME IPO, entirely a fresh equity issue of 64.3 lakh shares, received a strong response from investors and was subscribed 257.24 times.
The IPO, with a price band ofRs 95 - Rs 100 per share, had been subscribed 230.14 times in the retail category, 170.32 times in the QIB category, and 436.37 times in the NII category.
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Ahead of the listing, shares of the firm were trading at a premium of Rs 225 in the unlisted market. Shivalic Power Control's grey market premium (GMP) hinted at a bumper listing at around Rs 325, up 225 percent from the upper price band.
Shivalic Power Control is an electric panel manufacturer with an operating history of 20 years. It is a technology-driven company with a focus on quality, design and product development.
The net proceeds from the IPO will be used for working capital requirements, capital expenditure, inorganic growth through unidentified acquisition for company and general corporate purposes.
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