Patil Automation shares hit the upper circuit limit on Monday, shortly after listing at 29 percent premium over the issue price on the National Stock Exchange (NSE). The Rs 69.61 crore initial share sale had received strong investor interest, getting subscribed 101.42 times overall during its 3-day subscription window between June 16-18.
Shares of Patil Automation listed at Rs 155 per share on the NSE Emerge, a premium of 29.17 percent over its IPO price. The issue had a price band of Rs 114-120 per share.
The stock of the company shortly hit the 5 percent upper circuit - it's highest permissible trade limit for the day. It quoted an intraday high of Rs 162.75 per share, up 35.63 percent from its issue price. The company's market capitalization stood at Rs 355.13 crore.
The initial public offering (IPO) of Patil Automation was entirely a fresh issue of 58 lakh equity shares.
Established in 2015, the company offers automation and robotics solutions to a wide range of sectors, including automotive, electronics, and general engineering. Its offerings include robotic welding systems, automated assembly lines, conveyor systems, and artificial intelligence-based vision inspection systems.
Patil Automation operates five manufacturing facilities and employs over 500 workers, including contractual staff.
For the financial year 2024-25, the company reported a net profit of Rs 11.70 crore on a total revenue of Rs 122 crore. The profit after tax (PAT) margin stood at 9.91 per cent, while return on equity (ROE) came in at 27.28 percent.
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