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Parmeshwar Metal IPO listing: Shares of copper wire and rod manufacturing company Parmeshwar Metal posted a decent D-Street debut on Thursday, January 9, 2025, following the completion of its initial public offering (IPO). Parmeshwar Metal shares listed at Rs 84.50 apiece on the BSE SME, reflecting a premium of Rs 23.50 or 38.52 per cent over the IPO allotment price of Rs 61.
The IPO listing fell short of grey market expectations. Ahead of its debut, Parmeshwar Metal shares were quoted at Rs 99 per share in the grey market, representing a premium (GMP) of Rs 38 or 62.3 per cent over the issue price, according to sources tracking unofficial market activities.
Parmeshwar Metal's IPO was a book-built issue of Rs 24.74 crore. The public offering of Parmeshwar Metal comprised an entirely fresh issue of 40,56,000 equity shares. The IPO was available at a price band of Rs 57-61 apiece, with a lot size of 2,000 shares. The offering, which ended on Monday, January 6, 2025, was oversubscribed by a whopping 607 times.
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The basis of allotment of Parmeshwar Metal IPO shares was finalised on Tuesday, January 7, 2025.
Link Intime India served as the registrar for the issue, while Beeline Capital Advisors acted as the sole book-running lead manager.
Parmeshwar Metal, in its Red Herring Prospectus, said it would use the proceeds from the public offering to set up a new manufacturing facility at Gandhinagar, Dehgam, Gujarat, for manufacturing bunched copper wire and 1.6 mm copper wire. The funds will also be utilised for capital expenditure related to furnace renovation, meeting working capital requirements, and general corporate purposes.
The company is engaged in the business of manufacturing copper wire and copper wire rods by recycling copper scrap. Its manufacturing facility is located in Gandhinagar, Dehgam, Gujarat - 382315, India. The company produces copper wire and copper wire rods suited for a wide array of applications, including power cables, building wires, transformers, the automotive industry, household cables, as well as bare and enamelled wires.
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