The shares of Monolithisch India were listed at Rs 231.55 apiece on the NSE Emerge platform on June 19. This marks a strong premium of 61.92 percent from the SME IPO price of Rs 143 apiece.
The listing premium is significantly higher than the grey market estimates. The unlisted shares of the company were trading with a grey market premium (GMP) of over 27 percent at Rs 182 apiece, ahead of listing, according to Investorgain.
After the bumper market debut, the shares of the company jumped 5 percent to get locked in the upper circuit at Rs 243.10 apiece. The stock is now 70 percent higher than its IPO price.
The initial public offering of the ramming mass manufacturer saw strong investor interest within its three day of public bidding, being subscribed by a whopping 170 times. The company had launched its IPO on June 12 to raise Rs 82.02 crore via fresh issue of 54.48 lakh shares at a price band of Rs 135-143 per share.
Investors could bid for a minimum of 1,000 shares, requiring a minimum investment of Rs 1.43 lakh, and in multiples thereafter.
Monolithisch India had sought a valuation of Rs 310.82 crore following the IPO. The IPO funds will be utilised for setting up of a manufacturing facility, and investment in subsidiary, Metalurgica India for financing its capital expenditure towards purchase of land, building of factory shed, civil work and installation of additional plant and machinery therein. Further, the proceeds will also be used for working capital requirements, and general corporate purpose.
The company manufactures and supplies specialised ramming mass used as a heat insulation or lining material by its customers as a refractory consumable for induction furnaces installed in iron/steel and foundry plants.
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