Shares of Aanchal Ispat Ltd got listed on the SME platform of Bombay Stock Exchange (BSE) today.
The company's shares were listed at Rs 22.10, up 10.5 per cent against its issue price of Rs 20 per equity share and touched an intra-day high and low of Rs 22.90 and Rs 21, respectively.
The company had entered the capital market on November 24 with a public issue of 80,04,000 equity shares of Rs 10 each at a price of Rs 20 each with a premium of Rs 10, aggregating to Rs 16 crore.
The issue closed on November 26.
The company proposes to invest net proceeds of the issue for expansion and modernisation of TMT bar manufacturing facilities by upgradation and automation and meet additional working capital requirements.
At present, they have two manufacturing facilities - one for TMT Re-bars and the other for structural re-bars, a statement said here.
The company's total revenue has gone up from Rs 141.06 crore for the year ended March 2013 to Rs 191.57 crore for the year ended March 2014 and the net profit for corresponding period was up from Rs 58.48 lakh to Rs 75.17 lakh.
For the first half of the current fiscal ended September 30, the total revenue was Rs 96.97 crore with a net profit of Rs 35.13 lakh.
