Shares of Amkay Products were quoting at Rs 109.72 on the BSE, a premium of 99.49% compared with the issue price of Rs 55.
The scrip was listed at Rs 104.50, a premium of 90% compared with the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price.The counter hit a high of Rs 109.72 and a low of Rs 104.50. About 6.10 lakh shares of the company changed hands at the counter.
Amkay Products' IPO was subscribed 496.78 times. The issue opened for bidding on 30 April 2024 and it closed on 3 May 2024. The price band of the IPO was fixed between Rs 52 to Rs 55 per share.
The IPO comprised fresh issue of 22,92,000 equity shares. The promoter and promoter group shareholding diluted to 73.44% from 99.89% pre-IPO.
The company intends to utilise the net proceeds to meet funding working capital requirements of the company, funding capital expenditure towards installation of additional machinery and general corporate purposes.
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Ahead of the IPO, Amkay Products on 29 April 2024, raised Rs 3.57 crore from anchor investors. The board allotted 6.50 lakh shares at Rs 55 per share to 2 anchor investors.
Amkay Products manufactures, assembles, and markets a comprehensive portfolio of medical devices, disposables, and other healthcare products like face masks, alcohol swabs, lancet needles, nebulizers, pulse oximeters, and surgeon caps. These products are used by healthcare centers, hospitals, clinics, and nursing homes across India. The company is also brands and markets additional healthcare products such as adult diapers, plastic gloves, and suction machines. As on 31 December 2023 the company has 75 employees at various levels of the organization.
The company recorded revenue from operations of Rs 22.74 crore and net profit of Rs 2.15 crore for the period as on 31 December 2023.
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