Shares of Faalcon Concepts Limited listed at Rs 95, a premium of 53.25 percent over the issue price of Rs 62, on the BSE SME platform on April 26.
The listing exceeded grey market estimates where Faalcon Concepts shares were trading at a 14 percent 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. Investors largely track it to get an idea of the listing price.
The Rs 12.09-crore issue was subscribed 71.28 times, with non-institutional investors taking the lead, bidding 93.27 times their allotted quota of shares. Retail investors bought just over 47 times their portion.
Established in 2018, it specialises in the design, manufacturing, and installation of facade systems. It offers a variety of facade solutions designed to withstand UV rays, acid rain, dust, noise, and other environmental factors. Its product range includes glazing and curtain walls, aluminum doors and windows, skylights, canopies, frameless glazing, MS structures, stone cladding, metal cladding, and roofing solutions.
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The company plans to use the proceeds from the issue for meeting working capital requirements, purchasing equipment and for general corporate purposes.
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