Parmeshwar Metal shares listed on the stock market with a premium of about 38 percent over its IPO price on January 9. The issue was subscribed over 563 times in its 3-day bidding period between January 2 - 6 in the primary market.
The shares of Parmeshwar Metal Ltd. were listed at Rs 84.50 per share on the BSE SME platform, a premium of 38.52 percent from its IPO price. The company's market market valuation post listing of shares stood at Rs 129.34 crore. The SME IPO worth Rs 25 crore was priced in the range of Rs 57 - 61 per share.
Parmeshwar Metal manufactures copper wire and rods by recycling copper scrap.
The Gujarat-based company intends to spend IPO funds for setting up a new manufacturing facility at Dehgam, for bunched copper wire and 1.6 MM copper wire rod. Further, the fresh issue money will also be utilised for furnace renovation for copper melting, working capital requirements, and general corporate purpose.
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On the day of listing, the shares of the company were commanding a GMP of around 62 percent in the unofficial market. Investorgain quoted a GMP of Rs 38, indicating a listing gain of 62.29 percent. However, the shares were finally listed at the bourses with 38 percent premium.
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