Meson Valves almost doubled investors' wealth on September 21, after listing at 90 percent premium to its issue price. The stock started trading at Rs 193.80 on the BSE SME platform against issue price of Rs 102.
At 10:45 am, the stock was locked in upper circuit at Rs 203.45, higher by 99.4 percent against issue price.
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The initial public offering of 30.48 lakh equity shares comprised only a fresh issue by the company, of which 1.56 lakh shares worth Rs 1.59 crore are reserved for the market maker.
It was subscribed 203.02 times in the retail category and 132.74 times in the non-retail category.
Promoted by India Futuristic Marine, Swaroop Raghuvir Natekar, Brijesh Madhav Manerikar, and Vivekanand Maruti Redekar, Meson Valves India supplies valves, actuators, strainers, and remote-control valves systems, mainly to naval, oil & gas industries, power, refineries and general industries, both in domestic and international markets.
Promoted by India Futuristic Marine, Swaroop Raghuvir Natekar, Brijesh Madhav Manerikar, and Vivekanand Maruti Redekar, Meson Valves India supplies valves, actuators, strainers, and remote-control valves systems, mainly to naval, oil & gas industries, power, refineries and general industries, both in domestic and international markets.
The Pune-based company will use the fresh issue proceeds for purchase of plant & machinery worth Rs 11.37 crore, and working capital requirements amounting to Rs 11.95 crore. The remaining funds will be utilised for general corporate purposes and issue expenses.
In FY23, the company's revenue more than doubled to Rs 37 crore from Rs 14.31 crore in the previous fiscal. Net profit was also up 113 percent year-on-year at Rs 2.12 crore.
No analyst covered this SME IPO.
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