Shares Prevest Denpro, a Jammu-based dental materials manufacturer, saw a massive debut on the BSE SME platform as it opened at Rs 180.55, a whopping 115 percent premium over the issue price of Rs 84 on September 27.
It is the first company from Jammu & Kashmir state to list on the BSE SME platform.
At the time of writing this report, it was locked at the upper circuit, up 5 percent from the opening price to cumilatively gain 125.65 percent over the issue issue price. It traded with volumes of 4.91 lakh equity shares.
Prevest Denpro became the 346th company to get listed on the BSE SME Platform on Monday.
Prevest Denpro, which develops, manufactures and markets a comprehensive portfolio of dental materials for diagnosing, treating and preventing dental conditions, opened its initial public offering of 31,68,000 equity shares for subscription during September 15-17. The price band for the issue was Rs 82-84 per share. The issue was subscribed 38.12 times, receiving bids for 8.63 crore equity shares against IPO size of 22.65 lakh shares. The issue size was reduced to 22.65 lakh shares after the company raised Rs 7.58 crore by issuing 9.02 lakh shares to anchor investors on September 14, a day before issue opening.
The company raised Rs 26.61 crore through its public issue, at a price of Rs 84 per equity share. The funds excluding issue expenses will be utilised for purchase of machineries, equipments and utilities for manufacturing of proposed additional line of products, research & development unit and existing manufacturing operations.
The company is engaged in the business of manufacture and market a comprehensive portfolio of dental materials for diagnosing, treating and preventing dental conditions as well as improving the aesthetics of the human smile. Its product portfolio covers a wide spectrum of materials for endodontics, prosthodontics, orthodontics, periodontics, restorative dentistry, aesthetic dentistry and laboratory consumables. Hem Securities was the lead manager to Prevest Denpro IPO.
"So far, 114 companies have migrated to the main board. The 345 companies listed on BSE SME Platform have raised Rs 3,634.29 crore from the market and total market capitalization of 345 companies as on September 24 is Rs 36,419.82 crore," said BSE in its press release.