Shares of Sealmatic India were trading at Rs 235 at 10:27 IST on the BSE, a premium of 4.44% compared with the issue price of Rs 225.
The scrip was listed at Rs 225, at par with the issue price.So far, the scrip hit a high of Rs 235.80 and a low of Rs 216. Over 7.58 lakh shares of the company have changed hands in the counter till now.
The IPO of Sealmatic India was subscribed 16.61 times. The issue opened for bidding on Friday (17 February 2023) and closed on Tuesday (21 February 2023). The issue price band was Rs 220-225 per share. The minimum order quantity was 600 shares. The equity shares are proposed to be listed on the SME Platform of BSE.
The IPO comprised of a fresh issue of upto 18,50,000 shares and an offer for sale (OFS) up to 6,49,600 shares by existing shareholders. Upto 1,26,000 equity shares have been reserved for market makers. The promoter and promoter group shareholding will dilute to 72.38% post IPO from 100% pre-IPO.
Ahead of the IPO, the company's board on 16 February 2023 finalized allocation of 5,69,400 equity shares, to anchor investors at Rs 225 per equity share aggregating to Rs 12.81 crore.
The company intends to utilize the net proceeds from the issue for purchasing plant and machinery; product development; marketing and after sales support; general corporate purpose; provisions and contingency; and working capital requirement.
Sealmatic India is engaged in the business of designing and manufacturing of mechanical seals and associated products. Mechanical seals are mainly used in oil & gas, refinery, petrochemical, chemical, pharmaceutical, fertiliser, power, mining, pulp & paper, aerospace, marine and other industrial. The company manufactures customised seals to meet the requirement of the client. The company has a complete range of engineered mechanical seals and sealing support systems to cater the needs of customers located all across the globe. Sealmatic products are globally recognized as a trusted brand in process industry in over 45 countries, to name a few: USA, UK, Germany, Netherlands, Italy, Sweden, Norway, Switzerland, Denmark, Australia, France, Japan and many more countries.
As on 30 November 2022, the company had 235 employees.
The company recorded a total revenue of Rs 25.82 crore and net profit of Rs 5.43 crore for the period ended on 30 September 2022.
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