Osel Devices makes decent debut with 24% premium over IPO price on NSE SME

he company plans to use the net proceeds from the issue for the prepayment or repayment of certain loans

Shares of Osel Devices made a positive start on the bourses on its stock market debut after listing at Rs 198, commanding a premium of 24 percent over the issue price of 160 per share on the NSE SME platform.

The listing has missed grey market estimates where shares were trading at a premium of about 63 percent. 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.

Follow our LIVE blog for all the latest market updates

Given the investor frenzy over SME IPOs, this issue lived up to the hype after it was subscribed a massive 194 times over four days. Non-institutional investors were at the top buying over 300 times the portion reserved for them while retail investors bought over 200 times. QIBs picked 78 times the allotted quota.

Osel Devices specializes in manufacturing a wide range of LED display systems and hearing aids. The company’s LED display systems serve various commercial applications, including advertising media, billboards, corporate boardrooms, and command centers. These systems come with a content management feature that enables connection to phones or computers for easy display.

The company plans to use the net proceeds from the issue for the prepayment or repayment of certain loans, funding its working capital requirements, and covering general corporate purposes.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.