Beezaasan Explotech shares listed at nearly 17 percent discount to its IPO price on the stock exchange on Monday. The issue was subscribed over 5x in the primary market between February 21 - February 25.
The shares of Beezaasan Explotech, an explosives and explosive accessories manufacturer, listed at Rs 146 per share on the BSE SME platform against the issue price of Rs 175, a discount of 16.57 percent.
The initial public offering (IPO) of Beezaasan Explotech received strong investor demand, with the issue subscribed 5.11 times. Investors bid for 1.25 crore equity shares against the 24.56 lakh shares on offer through 3,509 applications, according to BSE data.
The Gujarat-based firm aimed to raise Rs 59.93 crore through its maiden public issue, offering 34.24 lakh equity shares within a price band of Rs 165-175 per share.
Proceeds from the IPO will be utilised for purchasing plant and machinery, as well as civil construction work to expand its existing manufacturing unit. This includes upgrading the emulsion explosive-3 plant, the emulsion bulk explosive plant, and the detonating fuse plant at its Bhanthala facility in Gujarat.
Additionally, funds will be allocated for expanding the magazine (storage) facility for emulsion cartridge explosives and detonating fuse at its Felsani site in Gujarat, purchasing a commercial vehicle, and repaying debt.
Beezaasan Explotech manufactures cartridge explosives, including slurry explosives, emulsion explosives, and detonating explosives, catering to the cement, mining, and defence industries.
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