Amkay Products shares made a stellar market debut on the BSE SME platform after listing at Rs 104.5, commanding a premium of 90 percent premium over the issue price of Rs 55 on the BSE SME platform.
The listing gains, however, miss grey market estimates where Amkay shares were trading with over 100 percent premium. The grey market is a secondary market where securities, such as stocks or bonds, are traded before they are officially listed on a stock exchange.
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The public issue received robust investor interest after it was subscribed 748 times, with non-institutional investors showing maximum interest. The category purchased 987,34 times their allotted quota. Retail investors bought 973 times the portion reserved for them.
The Rs 12.61-crore public offer is a fresh issue of 22.92 lakh shares. Established in 2007, it specializes in manufacturing and distributing an extensive range of healthcare essentials, including medical devices and disposables. Their product line encompasses face masks, alcohol swabs, lancet needles, nebulizers, pulse oximeters, surgeon caps, and more.
The company plans to allocate the proceeds from the issue towards financing capital expenditure for the installation of additional machinery, aimed at enhancing production capacity and operational efficiency.
Additionally, a portion of the proceeds will be utilized to meet the company's working capital requirements and the rest for general corporate purposes.
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