Steel products maker Shri Balaji Valve Components Limited (SBVCL) made a strong market debut on January 3, with the stock listing at almost double the issue price.
The share was trading at Rs 199.50, a premium of more than 99 percent over the issue price of Rs 100 and was locked in the upper circuit.
The initial public offering (IPO) was entirely a fresh issue of 21.6 lakh equity shares and the company raised about Rs 21.60 crore from the issue.
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The proceeds will be utilised in funding capital expenditure towards the installation of additional plants and machines, meeting working capital requirements, and general corporate purposes.
Pune-based Shri Balaji Valve Components makes valve components for industries like power, construction, oil and gas, and pharma.
In the past three years, SBVCL has exported to Germany, Singapore, Taiwan, Italy, South Africa, USA, United Kingdom, Qatar and the US. The company says its growth has been due to its ability to understand customer needs and build a product of optimal design.
Hem Securities Limited was the book running lead manager of the Balaji Valve Components IPO, while Bigshare Services Pvt Ltd was the registrar for the issue. The market maker for Balaji Valve Components IPO was Hem Finlease.
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