Epack Durable disappointed investors with its debut on January 30 as the stock fell nearly 10 percent partly impacted by the negative market sentiment.
The stock opened at Rs 221 on the NSE, down nearly 4 percent from its issue price of Rs 230 and remained below the issue price throughout the session.
In fact, Epack Durable extended losses as the day progressed and hit the day's low of Rs 206.20 in late trade. The stock settled at Rs 207.60 on the exchange, down 9.74 percent with a volume of 1.17 crore equity shares, while on the BSE, the stock fell 9.7 percent to Rs 207.70 and the traded volume was 12.76 lakh shares.
The initial public offering by Epack Durable, the original design manufacturer of room air conditioners, was opened for subscription from January 19-24. It was subscribed 16.37 times.
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The company has raised Rs 640.05 crore through its public issue comprising a fresh issue of Rs 400 crore and an offer-for-sale of Rs 240.05 crore worth of shares by the existing shareholders. The price band for the offer was at Rs 218-230 per share.
Epack is the second largest room air conditioner original design manufacturer in India in terms of number of units manufactured in FY23.
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The company has long-standing relationships with several customers including Blue Star, Daikin Airconditioning India, Voltas, Havells India and Haier Appliances (India) in the room air conditioners, and Bajaj Electricals, BSH Household Appliances Manufacturing, and Usha International in the small domestic appliances segment.
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