Shares of Associated Coaters were quoting at Rs 134.90 on the BSE, a premium of 11.49% compared with the issue price of Rs 121.
The scrip was listed at Rs 142, a premium of 17.36% over the initial public offer (IPO) price. The stock is currently frozen in its lower limit of 5% over its listing price.
The counter hit a high of Rs 149.10 and a low of Rs 134.90. About 1.26 lakh shares of the company changed hands at the counter.
Associated Coaters' IPO was subscribed 313.24 times. The issue opened for bidding on 30 May 2024 and it closed on 3 June 2024. The price of the IPO was fixed at Rs 121 per share.
The IPO comprised a fresh issue of 4,22,000 equity shares. The promoter and promoter group shareholding diluted to 68.79% from 100% pre-offer.
The company intends to utilize the net proceeds to meet working capital requirement, funding capital expenditure towards installation of plant & machinery in existing premises and general corporate purpose.
Associated Coaters offers pre-treatment and powder coating services for aluminium extrusions in the architect and real estate industry. The company provides services like, powder coating, PVDF Coating, Wood film coating and industrial fabrication. As of 30 November 2023, the company has 15 employees on the payroll basis.
The company recorded revenue from operations of Rs 3.97 crore and net profit of Rs 0.75 crore for the period as on 31 December 2023.
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