AMIC Forging stock made a bumper debut, listing at an 99 percent premium to the IPO price on December 6. The stock opened at Rs 251.35 against the issue price of Rs 126 on BSE SME.
Ahead of the listing, AMIC Forging shares were trading at a 100 percent premium in the grey market, which is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price.
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The issue had received a strong response from investors. The offer was subscribed 289 times, the retail portion was booked 273 times, non-institutional investors bid 589 times and qualified institutional buyers picked 91 times the allotted quota.
AMIC Forging’s public offer opened for subscription on November 29 and closed on December 1. The price band for the issue was fixed at Rs 121-126 per share. Through the IPO, the company raised Rs 34.8 crore. The offer was entirely a fresh issue of 27.62 lakh shares.
The company will use the net proceeds from the issue to set up of manufacturing facility working capital requirements and general corporate purposes.
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Gretex Corporate Services was the book-running lead manager, Bigshare Services was the registrar and Gretex Share Broking was the market maker for the issue.
AMIC Forging Limited, previously known as Kali Mata Forging Private Limited, manufactures forged components catering to various industries. The company manufactures precision machined components such as Rounds, Shafts, Blanks, and complete finished engineering, spare parts e.g. Gear coupling, Hub, Round, Flange etc. These products are mainly manufactured in carbon steel, alloy steel, stainless steel, Nickel, and Tools Alloys.
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