Goyal Salt made a stellar debut, listing at 242.1 percent on October 11. The stock opened at Rs 130 against the IPO price of Rs 38 on NSE SME. The public issue had received a good response from investors as it was subscribed 294.16 times.
The company’s shares traded far below the opening price in the grey market. Earlier today, before its debut, the shares had a GMP value of Rs 39 implying a listing price of Rs 77.
The Rs 18.63 crore IPO was subscribed 377.97 times by retail investors, qualified institutional buyers (QIBs) bought 67.20 times their quota and high net worth individuals (HNIs) subscribed to it by 382.45. Ahead of the IPO, Goyal Salts raised Rs 5 crore from anchor investors. Meru Investment Fund PCC - CELL 1 and Tryrock Capital Trust I took part in the anchor book.
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The IPO was entirely a fresh issue of 49.02 lakh shares and there was no offer for sale (OFS) component. The price band for the issue, which opened on September 26 and concluded on October 3, was fixed at Rs 36-38.
Holani Consultants Private Ltd was the book-running lead manager of the Goyal Salt IPO, while Bigshare Services Pvt Ltd was the registrar. Rajesh Goyal, Pramesh Goyal, Lokesh Goyal, Kunj Bihari Goyal HUF, Rajesh Goyal HUF, Parmesh Goyal HUF, Lokesh Goyal HUF, Radhika Goyal, Priyanka Goyal and Rekha Goyal are the promoters of the company.
The company will use the IPO proceeds for quality enhancement, brand creation and marketing, and working capital requirements and the remaining amount will be used for general corporate purposes.
Goyal Salts is primarily engaged in the business of refining raw salts procured from lake brine and subsoil brine in the state of Rajasthan for use as industrial salts and edible salts.
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