Shares of Divyadhan Recycling Industries were off to a positive on its stock market debut on October 4 after listing at Rs 84. That's a premium of 31.25 percent over the issue price of Rs 64 per share on the NSE SME platform.
The listing gains have beaten grey market estimates where shares were trading without a premium. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
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Divyadhan Recycling Industries IPO is a book-built issue of Rs 24.17 crore. The issue, a fresh issue of 37.76 lakh shares, was subscribed 41 times over three days. Non-institutional investors were at the forefront, buying 76 times the portion reserved for them. Retail investors and qualified institutional buyers (QIBs) bought 32 and 29 times, respectively.
Incorporated in 2010, Divyadhan Recycling Industries specializes in the manufacturing of Recycled Polyester Staple Fibre (R-PSF) and Recycled Pellets. The company is certified for both Quality Management System and Environmental Management Systems for its recycled polyester fibre production.
The company plans to use the funds raised from the issue to meet capital expenditure, cover general corporate purposes, and manage issue-related expenses.
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