NSE SME Excellent Wires and Packaging were trading at Rs 81.25 on the NSE, a discount of 9.72% compared with the issue price of Rs 90.
The scrip was listed at Rs 85, a discount of 5.56% over the initial public offer (IPO) price. The stock was currently down 4.41% over its listing price.The counter hit a high of Rs 89.25 and a low of Rs 80.75. About 3.84 lakh shares of the company changed hands at the counter.
Excellent Wires and Packaging's IPO was subscribed 19.37 times. The issue opened for bidding on 11 September 2024 and it closed on 13 September 2024. The price of the IPO was set at Rs 90 per share.
The IPO comprised fresh issue of 14,00,000 shares. The promoter and promoter group shareholding diluted to 61.34% from 89.31% pre-IPO.
The company intends to utilize the net proceeds for acquisition of land and construction of building, acquisition of plant & machinery, funding additional working capital requirements, general corporate purposes and for offer expenses.
Excellent Wires and Industries engaged in the sale of products like brass wires & products, steel wires & products, other products viz. packaging products. The company sells products under the brand Excellent. The firm supplies its products to various industries viz. packaging, engineering, stationery, imitation jewelry, wires & cable etc. As on 31 July 2024, the company has 18 employees.
The company recorded revenue from operations of Rs 15.40 crore and net profit of Rs 0.82 crore for the period as on 31 March 2024.
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