Shares of Indian Emulsifiers were quoting at Rs 450 on the NSE, a premium of 240.91% compared with the issue price of Rs 132.
The scrip was listed at Rs 430, a premium of 225.76% compared with the initial public offer (IPO) price. The stock is currently trading up 4.65% over its listing price.The counter hit a high of Rs 451.50 and a low of Rs 410. About 18.21 lakh shares of the company changed hands at the counter.
Indian Emulsifiers' IPO was subscribed 306.66 times. The issue opened for bidding on 13 May 2024 and it closed on 16 May 2024. The price band of the IPO was fixed at Rs 125-132 per share.
The IPO comprised fresh issue of 32,11,000 shares. The company intends to utilize the net proceeds for funding capital expenditure of the company towards purchase of plant machinery, civil work and installation cost thereon, funding working capital requirements of the company and general corporate purpose.
Ahead of the IPO, Indian Emulsifiers has raised Rs 12.01 crore on 10 May 2024. The board allotted 9.10 lakh shares at Rs 132 per share to 5 anchor investors.
Indian Emulsifiers manufactures and supply specialty chemicals i.e., Esters, Amphoterics, Phosphate Esters, Imidazolines, Wax Emulsions, SMO & PIBSA Emulsifiers. As on 31 December 2023, the company has 34 full time employees.
The company recorded revenue from operations of Rs 48.67 crore and net profit of Rs 6.75 crore for the period as on 31 December 2023.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content