Agarwal Toughened Glass shares were listed at 25 percent premium over IPO price on the NSE Emerge platform on December 5 after nearly 10x subscription to the Rs 62.64 crore SME issue.
The shares of Agarwal Toughened Glass India Ltd were listed at Rs 135 per share on the NSE against the issue price of Rs 108 a piece, a premium of 25 percent.
The grey market was expecting a better listing of about 30 percent on Thursday, however, the shares were listed at 25 percent premium.
The SME IPO, which comprises of an entire fresh issue of 57.99 lakh shares, opened for subscription on November 28 and closed on December 2.
The toughened glass is used for shower doors, refrigerator trays, mobile screen protectors, bulletproof glass for diving masks, and a variety of plates and cookware. It is also used in architectural glass doors and tables.
There is no strictly comparable peer for the company, though it mentioned Sejal Glass, and Borosil as listed competitors in the red herring prospectus filed on November 19.
The company will utilise Rs 25 crore out of the net IPO proceeds for working capital requirements, Rs 9.66 crore for purchase of machinery, and Rs 6 crore for repaying debt, besides general corporate expenses.
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