Shares of Falcon Technoprojects India were quoting at Rs 88.20 on the NSE, a discount of 4.13% compared with the issue price of Rs 92.
The scrip was listed at Rs 84, a discount of 8.70% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.The counter hit a high of Rs 88.20 and a low of Rs 82. About 3.19 lakh shares of the company changed hands at the counter.
Falcon Technoprojects India's IPO was subscribed 63.17 times. The issue opened for bidding on 19 June 2024 and it closed on 21 June 2024. The price of the IPO was fixed at Rs 92 per equity share.
The IPO comprised fresh issue of 14,88,000 equity shares. The promoter and promoter group shareholding diluted to 60.81% from 84.20% pre-IPO.
The company intends to utilize the net proceeds for working capital requirements of company and for general corporate purposes.
Falcon Technoprojects engaged in the business of providing Mechanical, Electrical and Plumbing ('MEP') services to its pan India customers which are operating in various sectors including petroleum refineries, residential townships, atomic energy, civil construction, etc.
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Mechanical, Electrical, and Plumbing (MEP) services refer to installation services that provide comfortable spaces for building occupants. These services specifically deal with the design, selection, and installation of the integrated Mechanical, Electrical, and Plumbing systems. It includes installing air-conditioning systems, power and lighting systems, water supply and drainage, fire prevention and fighting systems, and telephones. As on 31 January 2024, company has total 24 employees.
The company recorded revenue from operations of Rs 10.33 crore and net profit of Rs 0.86 crore for the period as on 31 January 2024.
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