Delaplex made a strong market debut on February 2, listing at a 61 percent premium over the IPO price. The stock opened at Rs 309 against an issue price of Rs 192 on the NSE SME platform.
The listing, however, fell short of the grey market premium (GMP) which had surged Rs 145, or 75.5 percent over the issue price of Rs 192 ahead of the listing.
The grey market is an unofficial ecosystem where shares start trading much before the allotment and until the listing day. Investors typically track the grey market premium, which can fluctuate wildly, to get an indication of the listing price.
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The Rs 46-crore IPO was a mix of a fresh issue of 18 lakh shares worth Rs 34.5 crore and an offer for sale of six lakh shares aggregating to Rs 11.52 crore. The price band was fixed at Rs 186-192 a share.
In the fiscal23, the company’s revenue grew nine percent increase to Rs 54 crore. Net profit rose to Rs 7.9 crore, up from Rs 6.1 crore in the previous year.
DelaPlex will use the proceeds for advertisement, sales and marketing expenses and to meet working capital requirements among others.
Established on February 12, 2004, DelaPlex Limited operates as a subsidiary of delaPlex INC, a US-based firm and specialises in offering technology and software development solutions along with consulting services.
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