Shares of interior design and environmental branding solutions provider Blue Pebble listed at a premium of 18.5 percent on the NSE SME platform on April 3. The stock listed at Rs 199 compared to its issue price of Rs 168 .
The small and medium enterprise's listing was a tad lower compared to the strong response to its initial public offering (IPO), which was subscribed more than 52 times, with the maximum participation coming in from non-institutional buyers.
The portion set aside for non-institutional buyers was subscribed 97.31 times and that for retail investors 58.40 times. Qualified institutions buyers (QIBs) bid 21.77 times their allotted quota of shares.
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Trends in the grey market before the listing also hinted towards a decent debut for Blue Pebble.
The company raised Rs 18.14 crore through the IPO. It plans to use the money for additional machinery, to meet working capital requirements and for general corporate purpose.
Blue Pebble recorded a near threefold on year rise in its FY23 revenue at Rs 15.94 crore. Net profit, too, surged over four times to Rs 2 crore.
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